Course Details

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ADDITIONAL DATES

Jun 03, 2020 | 09:00 AM EDT Register

Course Description

This comprehensive training course will get you up to speed quickly with S corp formation and preparation issues and calculating a shareholder’s stock and debt basis. We’ll 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. Each attendee will receive a comprehensive reference manual with numerous practice aids and real-world examples and case studies.

MAJOR TOPICS COVERED :

  • 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

Learning objectives

  • Identify how to form an S corp and calculate its initial inside basis in the assets and shareholder’s stock and debt basis.
  • Show how to prepare a basic S corp (Form 1120S) Schedule K and Schedule M-2, including the reporting of cash and non-cash distributions.
  • Determine how Schedule K items get allocated to the shareholders on their individual Schedule K-1.
  • Recognize three main reasons for calculating a shareholder’s basis in a S corp.
  • Calculate a shareholder’s stock and debt and determine if losses and Calculate a shareholder’s stock and debt and determine if losses and deductions are limited on their individual income tax return.are limited on their individual income tax return

About Presenter

Pat Garverick is a Certified Public Accountant who currently lives in the Phoenix, Arizona area. He began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country.

In addition to being a CPA, Pat is also a Certified Financial Planner (CFP®). This role serves to enhance the knowledge he brings as he writes and presents continuing education material. Mr. Garverick is a member of the Arizona Society of Certified Public Accountants, and the American Institute of Certified Public Accountants. Pat has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. His knowledge, expertise, and high energy have made him one of the profession’s most highly rated speakers. He is in a very small group of instructors that are both extremely knowledgeable and interesting.

During his time in college Pat earned a letter as a member of the Ohio State Basketball squad. He remains a stanch supporter of the sports programs at his alma mater.

Phoenix Beach was developed to provide comprehensive and up-to-date educational content for business professionals of all types. As part of our mission we strive to make sure that the material we present is delivered by knowledgeable and skilled instructors so our session participants receive a great educational experience and value.

FAQ

  • To receive CPE credit for the event, you must register for the webcast prior to the start of each program.
  • CPE is available to all eligible participants within 24 hours of each webinar.

Refund/Cancellation Policy

For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128

In case any of the course or live webinars gets cancelled we would be refunding you the entire amount (if paid).

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NASBA Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

IRS Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary

CTEC Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

upcoming Live CPE Webinars

QuickBooks: Progress Invoicing and Job Costing
Tuesday, May 26, 2020 | 09:00 AM EDT View Details/Register
Managing Ethical Dilemmas for Texas CPAs
Tuesday, May 26, 2020 | 10:00 AM EDT View Details/Register
TAXATION OF PONZI CLAWBACKS & TAX REFUND FROM PONZI
Tuesday, May 26, 2020 | 11:00 AM EDT View Details/Register
Executive Overview of Leases (Topic 842): Exploring Both the Accounting & Tax Implications
Tuesday, May 26, 2020 | 11:30 AM EDT View Details/Register
Excel Speed Loop: Systematically Improve Efficiency and Accuracy
Tuesday, May 26, 2020 | 12:00 PM EDT View Details/Register
CPA & Accountants: What you should know about Credit Card Surcharging & it's legality
Tuesday, May 26, 2020 | 01:00 PM EDT View Details/Register
Becoming a Cherished Advisor®:The Leadership and Communication Skills to Help You Thrive
Tuesday, May 26, 2020 | 02:00 PM EDT View Details/Register
REMOTELY MANAGE TEAM PRODUCTIVITY, EASILY TRACK BILLABLE TIME & EXPENSE THAT SEAMLESSLY INTEGRATES QUICKBOOKS DESKTOP & ONLINE
Tuesday, May 26, 2020 | 02:00 PM EDT View Details/Register
Is It Deductible: Commonly Asked IRS Deductions
Tuesday, May 26, 2020 | 04:00 PM EDT View Details/Register
Year end tax update : FCCA 2020 & SECURE ACT. (Latest 2019)
Wednesday, May 27, 2020 | 09:00 AM EDT View Details/Register
MULTI-STATE PAYROLL/EMPLOYMENT COMPLIANCES SIMPLIFIED
Wednesday, May 27, 2020 | 10:00 AM EDT View Details/Register
Overview of Loss Limitations, Family Office Partnership, Sale to Spousal Grantor Trust
Wednesday, May 27, 2020 | 10:00 AM EDT View Details/Register
Market-Based Sourcing for State Income Taxes
Wednesday, May 27, 2020 | 11:30 AM EDT View Details/Register
ACCOUNTANTS & CPA FIRMS - 4 STEPS TO GAIN, RETAIN & EXPAND HIGH VALUE CLIENTS
Wednesday, May 27, 2020 | 12:00 PM EDT View Details/Register
Defensive Practice, Quality Control, and Engagement Letters for CPAs
Wednesday, May 27, 2020 | 01:00 PM EDT View Details/Register
  • Cost $120
  • CPE Credits 8
  • CE Credits 8
  • IRS Course ID GEHNZ-T-00078-19-O
  • CTEC Course ID 6273-CE-0056
  • Subject Area Taxes
  • Course Level Intermediate
  • Instructional Method group internet based
  • Prerequisites None
  • Advanced Preparation None
  • Who should attend? Enrolled Agent Tax Attorney Tax Practitioners Accountant CPA - Small Firm CPA - Mid Size Firm Tax Pros Tax Firm Entrepreneurial CPA Tax Accountant (Industry) Tax Director (Industry) Entrepreneurial Accountant
  • Handout Material Download

upcoming Live CPE Webinars

QuickBooks: Progress Invoicing and Job Costing
Tuesday, May 26, 2020 | 09:00 AM EDT View Details/Register
Managing Ethical Dilemmas for Texas CPAs
Tuesday, May 26, 2020 | 10:00 AM EDT View Details/Register
TAXATION OF PONZI CLAWBACKS & TAX REFUND FROM PONZI
Tuesday, May 26, 2020 | 11:00 AM EDT View Details/Register
Executive Overview of Leases (Topic 842): Exploring Both the Accounting & Tax Implications
Tuesday, May 26, 2020 | 11:30 AM EDT View Details/Register
Excel Speed Loop: Systematically Improve Efficiency and Accuracy
Tuesday, May 26, 2020 | 12:00 PM EDT View Details/Register
CPA & Accountants: What you should know about Credit Card Surcharging & it's legality
Tuesday, May 26, 2020 | 01:00 PM EDT View Details/Register
Becoming a Cherished Advisor®:The Leadership and Communication Skills to Help You Thrive
Tuesday, May 26, 2020 | 02:00 PM EDT View Details/Register
REMOTELY MANAGE TEAM PRODUCTIVITY, EASILY TRACK BILLABLE TIME & EXPENSE THAT SEAMLESSLY INTEGRATES QUICKBOOKS DESKTOP & ONLINE
Tuesday, May 26, 2020 | 02:00 PM EDT View Details/Register
Is It Deductible: Commonly Asked IRS Deductions
Tuesday, May 26, 2020 | 04:00 PM EDT View Details/Register
Year end tax update : FCCA 2020 & SECURE ACT. (Latest 2019)
Wednesday, May 27, 2020 | 09:00 AM EDT View Details/Register
MULTI-STATE PAYROLL/EMPLOYMENT COMPLIANCES SIMPLIFIED
Wednesday, May 27, 2020 | 10:00 AM EDT View Details/Register
Overview of Loss Limitations, Family Office Partnership, Sale to Spousal Grantor Trust
Wednesday, May 27, 2020 | 10:00 AM EDT View Details/Register
Market-Based Sourcing for State Income Taxes
Wednesday, May 27, 2020 | 11:30 AM EDT View Details/Register
ACCOUNTANTS & CPA FIRMS - 4 STEPS TO GAIN, RETAIN & EXPAND HIGH VALUE CLIENTS
Wednesday, May 27, 2020 | 12:00 PM EDT View Details/Register
Defensive Practice, Quality Control, and Engagement Letters for CPAs
Wednesday, May 27, 2020 | 01:00 PM EDT View Details/Register