BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S)
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Course Details

Overview of Topics

  • S Corporation Election Requirements10 mins
  • Safe Harbors to Avoid 2nd class of Stock Issue32 mins
  • Corporation Formation67 mins
  • Tax Treatment for Transferee Corporation90 mins
  • S Corporation Compensation Issues141 mins
  • Limitation On Business Interest206 mins
  • Net Investment Income255 mins
  • Distribution by S Corporations309 mins
  • Ordering Rules for the AAA368 mins

Course Description

This case-driven training is designed to get the inexperienced accountant up to speed quickly in the most common areas of S-corporation taxation. The cornerstone of this course is the preparation of the Form 1120-S using a fairly complex trial balance common to most S corporation income tax returns. This 8 hour CPE webinar is suitable for all levels of staff including tax preparers, managers, CPA, enrolled agents, accountants in public accounting firms and also suitable to accountants, controllers, tax managers responsible for filing the form of their company.

This webinar is taught using a Hands-On methodology. Using a comprehensive trial balance, the participant will walk through the steps to prepare a complete and accurate Form 1120-S (and related schedules).

Major topics covered in the webinar are : 

  • An extensive review of the S corporation tax laws with an emphasis on any new legislative 
  • Schedule K analysis– determine if income statement items are separately (i.e. schedule K) or non-separately stated income and expense items
  • Discuss how to schedule K items to get allocated to shareholders on their schedule K-1s
  • Look at detailed Schedule K-1 information reporting to shareholders needed for the qualified business income (QBI) deduction, 3.8% net investment income tax and business interest expense limitations
  • Talk about the unreasonably low officer compensation issues
  • Learn the special tax treatment of fringe benefits paid to 2% shareholders and family members
  • Schedule M-1 – calculate the reconciliation of income or loss per books with income or loss per income tax return
  • Schedule M-2 – detailed step-by-step calculation of the AAA, PTI, E&P and OAA accounts
  • Basic overview of the tax treatment of distributions including when an S corporation has prior C corporation earnings and profits (E&P)
  • Review the importance and basics of calculating a shareholder’s stock and debt basis
  • Basic overview of the potential S corporation built-in gains tax from the conversion of a C to S corporation

J. Patrick Garverick is one of the most admired and best-reviewed Tax Speaker in the country and we are offering the classes at a much-discounted price during the pandemic. His courses have been best-reviewed time and again 

  • For Quality of Content
  • For Relevance and Practical Case studies
  • For Best Teaching Approach
  • For Best Course Material

Awards and Accolades

  • Award for Instructor Excellence for California Education Foundation
  • Award for Outstanding Course materials for California Education Foundation.
  • Rated top tax instructor in nearly every location he has presented 
  • One of the few instructors to have received perfect scores (multiple times) from attendees for both presentation skills and knowledge. 

After registering for this webinar you will get Free E-Book worth $200. The book would be emailed to you, a day before the webinar on your registered email address on myCPE. The book is copyright protected.

Webinar Qualifies for

  • 8 CPE credit of Taxes for all CPAs
  • 8 CE credit of Federal Tax for Oregon Tax Preparers
  • 8 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ )
  • 8 CE credit of Federal Tax Subjects for CRTPs (CTEC Approved - 6273)
  • 8 CE credit of Federal Tax for Maryland Tax Preparers
  • 8 General Educational credit for Tax Professionals/Bookkeepers/Accountants

Learning objectives

  • Prepare a complete Form 1120S income tax return and related schedules with minimal review points
  • Understand the S corporation income tax law from a tax-form perspective
  • Efficiently use the information gathering process (i.e. asking the right questions) to prepare returns
  • Learn in detail about the preparation of Form 1120S, Schedules M-1, K, and K-1
  • Learn in detail about common business reporting Forms 4562 and 4797

About Presenter

J. Patrick Garverick, CFP, CPA

Accounting Manager,THE GARVS LLC

pat@phoenixbeach.com

Pat Garverick is a Certified Public Accountant who currently lives in the Phoenix, Arizona area. He began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country.

In addition to being a CPA, Pat is also a Certified Financial Planner (CFP®). This role serves to enhance the knowledge he brings as he writes and presents continuing education material. Mr. Garverick is a member of the Arizona Society of Certified Public Accountants and the American Institute of Certified Public Accountants. Pat has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. His knowledge, expertise, and high energy have made him one of the profession’s most highly rated speakers. He is in a very small group of instructors that are both extremely knowledgeable and interesting.

During his time in college, Pat earned a letter as a member of the Ohio State Basketball squad. He remains a staunch supporter of the sports programs at his alma mater.

Awards & accolades

  • Multi-time winner of the California Education Foundation’s 1) Award for Instructor Excellence and 2) Award for Outstanding Course materials
  • Rated top tax instructor in nearly every location he has presented 
  • One of the few instructors to have received perfect scores (multiple times) from attendees for both presentation skills and knowledge. 

Phoenix Beach was developed to provide comprehensive and up-to-date educational content for business professionals of all types. As part of our mission we strive to make sure that the material we present is delivered by knowledgeable and skilled instructors so our session participants receive a great educational experience and value.

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:30
  • Question 3 : 00:45
  • Question 4 : 01:00
  • Question 5 : 01:15
  • Question 6 : 01:30
  • Question 7 : 01:45
  • Question 8 : 02:00
  • Question 9 : 02:15
  • Question 10 : 02:30
  • Question 11 : 02:45
  • Question 12 : 03:00
  • Question 13 : 03:15
  • Question 14 : 03:30
  • Question 15 : 03:45
  • Question 16 : 04:00
  • Question 17 : 04:15
  • Question 18 : 04:30
  • Question 19 : 04:45
  • Question 20 : 05:00
  • Question 21 : 05:16
  • Question 22 : 05:30
  • Question 23 : 05:45
  • Question 24 : 06:00
  1. Which of the following is loss limitation?
  2. For S-Corporation election requirements the corporation must be a:
  3. Section 1366 – 2(b) provides _____________________.
  4. In which section group plan exception is defined for qualified small employer HRAs?
  5. As per general rule , no gain or loss shall be recognized to a corporation on the distribution (not in complete liquidation) with respect to:
  6. Which form is used for qualified business income deduction?
  7. Which of the following QBI deduction components?
  8. At what basis stock is acquired?
  9. Which are basic requirements that must be met to a tax – free exchange?
  10. In which property losses are disallowed under tax treatment of non-liquidating distribution to the S Corporation?
  11. The tax treatment of S corporation distribution depends on:
  12. For what purpose form 7004 is used?
  13. The amount of any distribution to the shareholder is equal to:
  14. The _________________ is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.
  15. Which of the following decreases to the Accumulated Adjustment Account?
  16. Which of the following increases to the Accumulated Adjustment Account?
  17. Which of the following is purpose of a shareholder’s stock basis?
  18. The aggregate amount of losses and deduction taken into account by a shareholder for any taxable year of an S corporation cannot exceed the sum of:
  19. Which of the following increases stock basis?
  20. Which of the following decreases stock basis?
  21. Who made the election process?
  22. Basis ordering rules increase for:
  23. Section 1.1367 – 1(g) provides _____________________.
  24. Which schedule is used for Capital Gains and Losses and Built – in Gains?
  1. What is the purpose of enacting subchapter S of the Internal Revenue Code?
  2. Which one of the following correctly represent the S Corporation Election Requirement?
  3. In which Schedule capital loss is reported?
  4. Which form must be issued to the shareholder while dividend distribution?
  5. In which year subchapter S of the internal revenue code was enacted?
  6. In which form shareholder may claim any losses or deduction allocated to them?
  7. Distribution in excess of stock basis are taxed as_______________.
  8. What is the threshold limit for married filing jointly?
  9. Which form is used for rental real estate income and expenses of an S Corporation?
  10. For any taxable year the aggregate amount treated by the taxpayer as an ordinary loss shall not exceed:
  11. Which section defines S-Corporation election requirements?
  12. What is the limit for short-term unwritten advances to avoid 2nd class of stock issue?
  13. Which form is used for election of business entity?
  14. What is the full form of ESBT?
  15. An S-election may be made by a small business corporation for any taxable year:
  16. When relief for late S-Elections is granted?
  17. Which of the following taxable years a newly-formed S corporation may adopt, without securing the approval of the commissioner?
  18. Who may use the cash method of accounting for small businesses?
  19. What is the due date of Form 1120S?
  20. Which taxpayers are not required to account for inventories?
  21. Which form is available for application for automatic 6-month extension?
  22. Which of the following transaction requirement must be met for a tax-free exchange?
  23. No gain or loss will be recognized if:
  24. In which section late filing of return penalties are stated?
  25. From when the TCJA provision are applicable?
  26. Which one of the following fringe benefits treated as compensation?
  27. Which Form is used for U.S. Income Tax Return for an S Corporation?
  28. In which section Shareholder’s stock basis & Debt basis stated?
  29. The term "control" means the ownership of stock possessing:
  30. Which section defines Built-in gains tax?
  31. For purposes of applying the provisions which relate to employee fringe benefits:
  32. Which one of the following fringe benefits is excluded from compensation?
  33. Which Form is used for Corporate Report of Non dividend Distribution?
  34. The general rule of assumption of liabilities does not apply when:
  35. What is the full form of QBI?
  36. Which of the following included in tax liabilities?
  37. What is the full form of MAGI?
  38. Basis of shareholder’s stock decreased by:
  39. Which one of the following represents correct reason for recapturing LIFO in S corporation?
  40. How much additional HI tax is required to withhold by the employee on wages above $200,000?

FAQ

  • myCPE self-study courses are online.
  • The self-study format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
  • Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.
  • These are Live recorded presentations converted into Self Study (On-Demand Videos).

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  • Please email to   help@my-cpe.com  in case of any self study program queries.

NASBA Approved

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MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

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MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary

CTEC Approved

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MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

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Thursday, August 27, 2020 View Details/Register
S CORPORATION PREPARATION, BASIS CALCULATIONS & DISTRIBUTIONS - FORM 1120S SCHEDULE K & K-1 ANALYSIS
Tuesday, September 08, 2020 View Details/Register
QUALIFIED BUSINESS INCOME (QBI) DEDUCTION (IRC §199A) DETAILED STUDY, ANALYSIS,CALCULATIONS,CASE STUDIES, INS & OUTS (LATEST)
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HOW TO MANEUVER NEW IRS PARTNERSHIP AUDITS
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VIRGINIA CPA ETHICS: 2020 REQUIRED COURSE
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ETHICS FOR OREGON CPAs
Friday, August 21, 2020 View Details/Register
  • Cost $120
  • CPE Credits 8
  • CE Credits 8
  • IRS Course ID GEHNZ-T-00073-19-S
  • CTEC Course ID 6273-CE-0049
  • Subject Area Taxes
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Recorded Date September 01 ,2020
  • Published Date September 01 ,2020
  • Who should attend? Enrolled Agent Tax Attorney Tax Practitioners Accountant CPA - Small Firm CPA - Mid Size Firm Accounting Firm Tax Pros CPA (Industry) Tax Firm Young CPA CPA in Business Tax Accountant (Industry) Tax Director (Industry) Accounting Practice Owners Senior Accountant Chief Accounting Officer Entrepreneurial Accountant Accounting Managers Staff of Accounting Firm
  • Handout Material Download Download
  • Key Terms Download

On-Demand Webinars

HOW TO MAXIMIZE THE IMPACT OF CARES ACT
Wednesday, September 16, 2020 View Details/Register
MERCHANT ACCOUNT NIGHTMARES: THE SHADY WORLD OF CREDIT CARD PROCESSING FEES
Wednesday, September 16, 2020 View Details/Register
QBO: FOR PROGRESS INVOICING AND JOB COSTING WITH LATEST UPDATES
Monday, September 14, 2020 View Details/Register
QUICKBOOKS ONLINE FOR ACCOUNTANTS WORK CENTRE - MANAGING YOU PRACTICE
Wednesday, September 09, 2020 View Details/Register
QBO RUNNING REPORTS - INFORMATION, ANALYSIS & BETTER DECISION
Monday, September 14, 2020 View Details/Register
CREDIT CARDS IN QBO - SEAMLESS PAYMENTS FROM CLIENT
Monday, September 14, 2020 View Details/Register
QBO: BUILD RIGHT CHART OF ACCOUNTS - BASE FOR ACCOUNTING AND READING FINANCIAL STATEMENT
Thursday, September 10, 2020 View Details/Register
Accounting Changes and Error Corrections (2 CPE)
Thursday, August 27, 2020 View Details/Register
S CORPORATION PREPARATION, BASIS CALCULATIONS & DISTRIBUTIONS - FORM 1120S SCHEDULE K & K-1 ANALYSIS
Tuesday, September 08, 2020 View Details/Register
QUALIFIED BUSINESS INCOME (QBI) DEDUCTION (IRC §199A) DETAILED STUDY, ANALYSIS,CALCULATIONS,CASE STUDIES, INS & OUTS (LATEST)
Thursday, September 03, 2020 View Details/Register
HOW TO MANEUVER NEW IRS PARTNERSHIP AUDITS
Tuesday, September 01, 2020 View Details/Register
VIRGINIA CPA ETHICS: 2020 REQUIRED COURSE
Monday, August 17, 2020 View Details/Register
Tax Practitioner Ethics
Thursday, August 27, 2020 View Details/Register
PARTNERSHIP PREPARATION, BASIS CALCULATIONS & DISTRIBUTIONS–FORM 1065 SCHEDULE K & K-1 ANALYSIS
Tuesday, August 25, 2020 View Details/Register
ETHICS FOR OREGON CPAs
Friday, August 21, 2020 View Details/Register