myCPE
myCPE

S Corporation - (Form 1120S) - Formation to Liquidation 8 Credits

S Corporation - (Form 1120S) - Formation to Liquidation 8 Credits

Updated till July 2024

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Learning Objective

  • Evaluate formation steps for an S corporation, including initial basis calculation in assets and shareholder stock. 
  • Assess operational challenges during the growth and maturity phases of an S corporation. 
  • Analyze allocation of Schedule K items via Schedule K-1 to impact stock and debt basis. 
  • Outline preparation of Schedule M-2 and distribution treatment to shareholders. 
  • Examine tax implications of liquidating an S corporation, comparing sale versus redemption of shareholder stock. 
  • Explore 2024 updates on S corporation tax planning and compliance. 
  • Discuss the Updated Capital Gains Reporting (2024) and Specific instructions for reporting capital gains and losses on Form 7203. 
  • Review future compliance requirements (2025 and beyond) and updates to align with evolving tax laws and compliance standards. 

 


Course Overview

Are you ready to tackle the intricacies of S corporation tax law? In today's dynamic tax landscape, staying updated is crucial for accountants navigating the complexities of S corporations. Our comprehensive course addresses the hottest tax topics and frequent challenges S corporations and their shareholders encounter.

This case-driven course delves deep into S corporation and shareholder developments, offering practical insights through real-world case studies. Participants will gain a comprehensive understanding of critical federal S corporation issues, empowering them to navigate complex tax scenarios confidently. Each attendee will receive an extensive reference manual packed with practice aids, ensuring they are equipped with essential tools and examples to apply knowledge effectively.

Key Topics:

  • Determine S Corporation Eligibility and Election Requirements, including shareholder types and stock classification rules.
  • Correcting Late S Corporation Elections (Form 2553), Formation under §351, and Liquidation Procedures.
  • Tax Implications for Transferor Shareholders and Transferee Corporations.
  • Manage S Corporation Compensation, Fringe Benefits, and Revocation/Termination Processes.
  • Understand Basis and Loss Limitations and Distinguish Schedule K and K-1 Items: Separately vs. Non-Separately Stated Income and Expenses.
  • Navigate Sales or Exchanges of S Corporation Interests and Master S Corporation Tax Forms.
  • Overview of Recent 2024 Updates Impacting S Corporation Tax Law and Reporting Requirements.

J. Patrick Garverick is one of the country's most admired and best-reviewed Tax Speakers, and we offer the classes at a much-discounted price. His courses have been best-reviewed by audiences for:

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

Awards and Accolades

  • Award for Instructor Excellence for California Education Foundation
  • Award for Outstanding Course Materials for California Education Foundation.
  • He is rated as the top tax instructor in nearly every location he has presented. 
  • He is among the few instructors to have received perfect scores (multiple times) from attendees for presentation skills and knowledge.
Free E-Book Worth $200
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On Demand Credits for All Qualifications

Live Webinar Credits for All Qualifications

License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 8 CPE Approved
Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-02115-24-S) 8 CE Approved
Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-02115-24-S) 8 CE Approved
Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1703) 8 CE Approved
Taxes for Delaware Licensed Public Accountant (DE-LPA) 8 CPE Eligible
Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-02115-24-S) 8 CE Approved
Federal tax-related matters for LTC (Approval No. GEHNZ-T-02115-24-S) 8 CE Eligible
Taxes for Iowa Licensed Public Accountant (IA-LPA) 8 CPE Eligible
Taxes for Maine Licensed Public Accountant (ME-LPA) 8 CPE Eligible
Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-02115-24-S) 8 CE Approved
License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 8 CPE Approved
Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-02115-24-O) 8 CE Approved
Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-02115-24-O) 8 CE Approved
Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1703) 8 CE Approved
Taxes for Delaware Licensed Public Accountant (DE-LPA) 8 CPE Eligible
Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-02115-24-O) 8 CE Approved
Federal tax-related matters for LTC (Approval No. GEHNZ-T-02115-24-O) 8 CE Eligible
Taxes for Iowa Licensed Public Accountant (IA-LPA) 8 CPE Eligible
Taxes for Maine Licensed Public Accountant (ME-LPA) 8 CPE Eligible
Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-02115-24-O) 8 CE Approved

Additional Information

Credits

8

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

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 aintenance 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.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

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.

Looking to fulfill your Enrolled Agent (EA) Continuing Education (CE) requirements? MY-CPE online Enrolled Agent CE courses are the best for you. Earn EA CE Credits while enhancing your domain knowledge and expertise in diverse tax regulations and practices. Our courses are designed to provide you with the latest updates and deep insights to keep you ahead in your field. With flexible scheduling and a user-friendly platform, MY-CPE offers you a greater convenient and interactive learning experience. Join MY-CPE today and take the next step in advancing your career as an Enrolled Agent. 

About Instructor

J. Patrick | Accounting and Tax Expert | Live CE/CPE Webinar
J.Patrick Garverick , CPA, MT, CFP®

Owner, The Garvs, LLC (dba The Tax U)

  • 4.6
  • rating
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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.

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Reviews and Ratings

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KPL

Klee Paul Lascuna, EA
5

8 hours is a very long class but the instructor is very knowledgeable in the topic which made it very interesting. He provided detailed examples and explained the topic really well. I thought I know enough, but taking this course made me realize there is so much to learn in US taxation and how little I knew. Great course & resource. We will be attending the other business classes for sure.

MM

Mark Mckenzie, EA
5

This was an excellent class! I really enjoyed his presentation and the way he used the different cases to demonstrate what he was teaching!

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