S-CORP PREPARATION, BASIS CALCULATIONS & DISTRIBUTIONS – FORM 1120S SCHEDULE K & K-1 ANALYSIS

4.5 (74)

J. Patrick Garverick, CFP, CPA

THE GARVS LLC

  • CPA
  • EA
  • CTEC
  • TAX PROS
  • AFSP

Before starting this self study program, please go through the instructional document.

Overview

  • Federal Tax Information7 mins
  • Corporation Formation - 351 Transection Requirements24 mins
  • Shareholders Share of S Corporation Items56 mins
  • U.S. Income Tax Returns for an S Corporation98 mins
  • Schedule K-1 Reporting - Net Invest Income140 mins
  • Limitation on Business Intrest177 mins
  • S Corporation Compensation Issues203 mins
  • Distributions by S Corporations228 mins
  • Cash Distributions - Post-Termination Transition Period267 mins
  • Adjustments to Shareholder Stock Basis331 mins
  • Adjustments to Shareholder Debt Basis367 mins

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 recognize 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 explore 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?

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

Testimonial

4.5

(74)
61%
28%
9%
0%
1%

JD

I had complete confidence in Alan & Brandon and their expertise to advise me on such a complex and constantly changing issue (applying for PPP loan forgiveness). It was refreshing to hear clear answers in one webinar to so many questions that have been bothering me since the nebulous regulations regarding the PPP loan and its forgiveness application burst on the scene.

MH

J. Patrick did a great job in presenting the information regarding S Corps owned by Trusts and the intricacies of tax laws and how it applies to them. A lot of information that I wasn't familiar with and it broadened my understanding and allows me to apply what i learned to situations that apply. Kudos and thank you!

JL

I was formally a Sr. Technical Advisor for the IRS, in part, for Passive Losses. The instructor's guidance was spot on and well balanced. He certainly knows his way around topic and all the tangent issues. Well done!!

GW

Lots of great information, I understand the pass through entities held by trust much better now. Because of this webinar I will be able to help my clients that has this. It opened the door for more information on LLC's and S corp sponsers, try it if you should have any questions on what happens during a trust and who gets what.

FS

The topic of this webinar is beneficial. I learn a lot and review others that I have forgotten. I recommend the webinar to everyone, especially to those who have clients with losses. Use this webinar as a form of a refresh of the topic. It is excellent

JS

This is the first time I heard will present. He did a great job and I was able to enhance my Sub S tax strategies and analysis due to Will's webinar. This webinar helped guide us through a concept that we can utilize us in our practices that saves our clients money and simultaneously extends options to them