CPE Packages (Incl. Ethics) for Multiple States and Qualifications Available. Price $4/credit - CLICK HERE to view.

Best Workshop on S Corporation (Form 1120S) Tax Return Review & Case Study (NEW)

J. Patrick Garverick, CFP, CPA

THE GARVS LLC

Wednesday, September 09, 2020 | 08:00 AM PDT

  • AFSP
  • CPA
  • EA
  • Tax Preparer
  • Oregon Tax Preparer
  • CPA/PFS
  • CTEC

FREE

Subject Area

Upcoming Webinars

Course Description

This class will review S corporation tax law by looking at case studies addressing issues and problems at both the S corporation and shareholder level.  Each attendee will receive the most comprehensive reference manual with numerous practice aids and real-world examples and case studies.  Topics include but are not limited to:

Extensive review of the S corporation tax laws with an emphasis on any new legislative changes (SECURE & CURES Act) including the Tax Cuts & Jobs Act (TCJA) new 20% qualified business income (QBI) deduction and changes to the interest deduction, fringe benefits and entertainment expenses 

  • Requirements to make an S election (i.e., types and numbers of shareholders and second class of stock issues)
  • Fixing late S corporation elections (i.e. Form 2553)
  • S corporation formation (§351) and liquidation issues
  • Revocation and termination of S corporations
  • Schedule K and K-1 – separately & non-separately stated income and expense items
  • Compensation issues including the tax treatment of fringe benefits
  • Built in gains tax and other planning opportunities when converting a C to S corporation
  • Preparation of the Schedule M-2 and the ordering rules for distributions out of the AAA, PTI, E&P and OAA accounts
  • Tax treatment of stock redemptions (sale or distribution?) 
  • Overview of a shareholder stock and debt basis and deductibility of losses

Learning Objectives

  • Form and liquidate an S corporation and determine any tax ramifications to the corporation and shareholders
  • Calculate the corporation’s initial inside basis in the assets and shareholder’s stock and debt basis
  • Understand how the schedule K items get allocated to the shareholders on their individual Schedule K-1 and the effect on a shareholder’s stock and debt basis
  • Prepare a Schedule M-2 and determine how distributions are treated to the shareholders