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

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J. Patrick Garverick, CFP, CPA

THE GARVS LLC

  • CPA
  • EA
  • CTEC
  • TAX PROS
  • AFSP

Credits: 8 CPE | 8 CE

$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 )

8 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273)

8 CE credit of Federal Tax Related Matters for Enrolled Agents ( IRS Approved : GEHNZ )

8 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273)

8 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ )

8 CE credit of California Taxation for California Tax Professionals (CTEC Approved - 6273)

8 CE credit of Federal Tax Law for 2021 Annual Filing Season Certificate program( IRS Approved : GEHNZ )

8 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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

Overview

  • Summary of §351 transaction requirements8 mins
  • Stock for Services24 mins
  • Shareholders Share of S Corporation Items61 mins
  • Qualified Business Income (QBI) Deduction99 mins
  • Case Study - Family Members Compensation163 mins
  • Amount of Distribution193 mins
  • Ordering Rules for the AAA242 mins
  • Three Loss Limitations287 mins
  • Case Study - Shareholder Stock325 mins
  • Open Accountant Debt Defined382 mins

Course Description

S-Corporation tax returns represent provides a big opportunity for tax saving and huge amount of work for tax preparers and tax experts. This webinar takes a comprehensive approach and provides overall details for the professionals.

The webinar will get you up to speed quickly with S-Corp formation and preparation issues and calculating a shareholder’s stock and debt basis. The webinar will take a 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. The discussion will cover illustrative examples demonstrating details. Each attendee will receive a comprehensive reference manual with numerous practice aids and real-world examples and case studies.

MAJOR TOPICS COVERED:

  • How to form an S-Corporation
  • How to prepare Form 1120S and dealing with preparation issues
  • New legislative changes affecting S corporation and shareholders
  • Review the Form 1120S and discuss how items get reported on the S corporation tax return 
  • How items get reported on the individual’s Federal income tax return and how they affect the shareholder’s stock and debt basis
  • 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 
  • Preparation of the Schedule M-2 and the ordering rules for distributions out of the AAA, OAA, PTI and E&P 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. 

Learning Objectives

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

Who Should Attend?

  • Enrolled Agent
  • Tax Attorney
  • Tax Practitioners
  • CPA - Small Firm
  • CPA - Mid Size Firm
  • Tax Pros
  • CPA (Industry)
  • Tax Firm
  • Young CPA
  • CPA in Business
  • Entrepreneurial CPA
  • Tax Accountant (Industry)
  • Tax Director (Industry)
  • Tax Managers
  • Tax Preparer

Testimonial

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