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

4.6 (19)

J. Patrick Garverick, CFP, CPA

THE GARVS LLC

Tuesday, April 14, 2020 | 09:00 AM EDT

  • CPA
  • EA

8 Credits

$120

Subject Area

Taxes

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

Who Should Attend?

  • Accountant
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Practitioners
  • Tax Pros

Testimonial

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(
    [no_of_record] => 19
    [average] => 4.5789
)
 

4.6

(19)
63%
32%
5%
0%
0%

RC

Mr.J.Patrick given great presentation on S-Corp & form 1120 . I had attended his previous courses on myCPE and they are all great. I will use his great experiences to increase my own accounting experiences. I will do small business clients that are S Corps, partnerships, C Corps, or LLCs. I will take more courses from him.

KF

This is the best course I've ever seen about the business tax preparation topic on myCPE. It teaches you how to solve the REAL problems in both bookkeeping and tax preparation. Thanks, Patrick very much for sharing your experience and skills as well as the case studies.

KL

Patrick did a phenomenal job in giving an in-depth webinar on the intricacies of the S Corp preparation. It is always great to understand the IRS insights regarding their taxation processes. Thanks, myCPE again for bringing an informative presentation.

PG

Yes, it is definitely a good match for me. The instructor has done an excellent job of explaining the concepts of the schedules and forms. Thank you.

JF

I love the course and the instructor. Preparing a C Corp tax return is tough but this course makes it a lot easier than before. I have my own practice in my accounting business. I work with small businesses and only a few are C Corps. I can do C Corps, S Corps, partnerships, and LLCs now. I can do many business tax returns now.