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

J. Patrick Garverick, CFP, CPA

THE GARVS LLC

  • AFSP
  • CPA
  • EA
  • Tax Preparer
  • CTEC

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

Overview

  • Federal Tax Information
    7 mins
  • Corporation Formation - 351 Transection Requirements
    24 mins
  • Shareholders Share of S Corporation Items
    56 mins
  • U.S. Income Tax Returns for an S Corporation
    98 mins
  • Schedule K-1 Reporting - Net Invest Income
    140 mins
  • Limitation on Business Intrest
    177 mins
  • S Corporation Compensation Issues
    203 mins
  • Distributions by S Corporations
    228 mins
  • Cash Distributions - Post-Termination Transition Period
    267 mins
  • Adjustments to Shareholder Stock Basis
    331 mins
  • Adjustments to Shareholder Debt Basis
    367 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?

  • 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