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S-Corp Preparation, Basis Calculations & Distributions – Form 1120S Schedule K & K-1 Analysis

4.5 (104)

J. Patrick Garverick, CFP, CPA

The Garvs, LLC

Wednesday, February 10, 2021 | 08:00 AM PDT

  • AFSP
  • CPA
  • CVA
  • EA
  • Tax Preparer
  • CTEC

8 Credits

$120

Subject Area

Taxes

Webinar Qualifies For

8 CPE credit of Taxes for all CPAs

8 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-U-00244-20-O)

8 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273) (Approval No. 6273-CE-0251)

8 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

8 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-U-00244-20-O)

8 CE credit of Federal Tax Update for Oregon Tax Preparers (Approval No. GEHNZ-U-00244-20-O)

8 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Additional Dates

Jul 26, 2021 | 11:00 AM EDT Register
Jul 28, 2021 | 09:00 AM EDT Register
Aug 04, 2021 | 10:00 AM EDT Register

Course Description

This comprehensive 8-hour Tax workshop is designed to get the accountant up to speed quickly with S corporation formation and preparation issues as well as a complete understanding of calculating a shareholder’s stock and debt basis. The cornerstone of this course is the in-depth line-by-line analysis of the Form 1120S Schedule K and K-1 and how these items affect the shareholder’s Federal individual income tax return.

Each attendee will receive the most comprehensive reference manual with numerous practice aids and real-world examples and case studies.

FOLLOWING TOPICS WILL BE INCLUDED IN THE WEBINAR:

  • Extensive review of the S corporation tax laws with an emphasis on any new legislative changes 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
  • Review the Form 1120S and discuss how items get reported on the S corporation tax return (i.e. page 1 versus Schedule K) and flow-thru to the shareholders on their schedule K-1
  • Analyze the Schedule K-1 line-by-line and discuss where the items get reported on the individual’s Federal income tax return and how the items affect the shareholder’s stock and debt basis
  • Look at what relevant information related to the 3.8% net investment income tax needs to be reported to the shareholders
  • S corporation formation issues under IRC §351
  • Tax ramifications and reporting of distributions at the S corporation level including when the S corporation has prior C corporation earnings and profits (E&P)
  • Preparation of the Schedule M-2 and the ordering rules for distributions out of the AAA, PTI, E&P and OAA accounts

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

  • To learn how to form a S corporation and calculate the corporation’s initial inside basis in the assets and shareholder’s stock and debt basis
  • To prepare a basic S corporation (Form 1120S) Schedule K & Schedule M-2 including the reporting of cash and non-cash distributions
  • To recognize how the schedule K items get allocated to the shareholders on their individual Schedule K-1
  • To identify list the three main reasons for calculating a shareholder’s basis in a S corporation
  • To learn how to calculate a shareholder’s stock and debt and determine if losses and deductions are limited on their individual income tax return

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • VP Accounts
  • Young CPA

Testimonial

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(
    [no_of_record] => 104
    [average] => 4.4615
)
 

4.5

(104)
60%
30%
9%
1%
1%

CC

The presenter had knowledge but I think CPAs should have pre requisite for this course as it gets complicated but anyways i have been waiting for this information in a CPE format for a long time. Thank you for providing

RL

I didnot have sufficient knowledge, this is an advanced course for me. instructor was very knowledgeable, however very fast paced.

MS

The content was thorough - and more than I was bargaining for! I am a bookkeeper looking to learn more about my S Corp clients. I didn't realize this would be such an indepth training. This training is perfect for tax preparers doing S Corp returns!

LM

I learned what I was looking for and more; I left with a complete understanding of basis and why it is important. Instructor did an amazing job!

VC

My overall experience was very well. Because the instructor was very good, I took his QBI class too. However, this is the second time I filled this out. Thinking that this may be the reason I have not received my CE certificate. I also sent a note via chat.

GB

This was the best webinar that I have ever attended. I like the way that the instructor presents the program. Patrick is the best instructor that I have ever had on an instructional webinar. Look forward to more of his webinars.