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

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.