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 1120S 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 1120S (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.
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
Who Should Attend?
- Accountant
- Accounting Firm
- Accounting Managers
- Accounting Practice Owners
- Chief Accounting Officer
- CPA (Industry)
- CPA - Mid Size Firm
- CPA - Small Firm
- CPA in Business
- Enrolled Agent
- Entrepreneurial Accountant
- Senior Accountant
- Staff of Accounting Firm
- Tax Accountant (Industry)
- Tax Attorney
- Tax Director (Industry)
- Tax Firm
- Tax Practitioners
- Tax Pros
- Young CPA
