CPE PACKAGES (Incl. Ethics) for Multiple States and Qualifications @ $4/credit. CLICK HERE to view.

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

  • AFSP
  • CPA (US)
  • CVA
  • EA
  • Tax Preparer
  • CTEC
S-Corp Preparation, Basis Calculations & Distributions – Form 1120S Schedule K & K-1 Analysis

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 CPD credit (Verifiable) for Certified Valuation Analyst (CVA)

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

Upcoming Webinars

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

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Oct 21, 2021 | 09:00 AM EDT View Details

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IRS Representation Series - Circular 230 Ethics and Updates

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Understanding Cash Frauds

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Tax Strategies for Real Estate: Crucial Insights: Acquisition and Depreciation Strategies

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Practical Guide to IRAs – Contributions & Distributions for Traditional, Roth, SEP & SIMPLE IRAs

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AICPA Code of Conduct in the Real World

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Savvy Social Security Planning: All You Need to Know About Social Security Claiming Strategies

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Individual Tax Update (Latest)

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Basics of Nexus: Understanding State Tax Issues

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Influencing Skills

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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 online continuing education 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. 

This Online CPE Webinar covers the following Key Topics:

  • An 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 Online CPE 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.

Click for more online CPE/CE Courses:

AFSP CE Package (Incl. AFTR Course and Ethics)

EA CE Package (Incl. Federal Tax Updates and Ethics)

Package for Tax Practitioners (Incl. 2 hours Ethics)


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?

  • Accounting Firm
  • California Registered Tax Professional
  • CEO
  • Certified Valuation Analysts
  • CFO/Controller
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Senior Accountant
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • VP Accounts
  • Young CPA

Testimonial

4.5

(120)
60%
30%
8%
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.