Course Details

Choose Your Time Zone:

Course Description

Recommended for Tax professionals that need in-depth training on how to prepare the S-Corporation Schedule M-2 and determine the tax ramifications of distributions

This comprehensive training is designed to get the accountant up to speed quickly on how to prepare the S Corporation Schedule M-2 and determine the tax ramifications of distributions. This webinar will help you in identifying how to form an S corp and calculate its initial inside basis in the assets and shareholder's stock and debt basis. It will also help in preparing a basic S corp (Form the 1120S) Schedule K and Schedule M-2, including the reporting of cash and non-cash distributions

MAJOR TOPICS 

  • Schedule M-2 detailed step-by-step analysis of the AAA, OAA and PTI accounts 
  • Tax treatment of distributions when the S corporation has prior C corporation earnings and profits (E&P) 
  • how to report earnings and profits (E&P) on Schedule K and K-1

Learning objectives

  • Prepare the S Corporation Form 1120S Schedule M-2
  • Determine if any S corporation distributions are taxable as dividends to the shareholders and know how to report them on the S Corporation 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).

Reviews

4.5
(6)
50%
50%
0%
0%
0%
  • LM
    Laura Moses , CPA
    Feb 6th 2020
    I gave it only 4 stars because I couldn't access the Q & A and although the phone number to call in flashed on the screen for a second it went away and I wasn't able to call in.

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

The Mathematics of Estate Planning for IRAs After the Secure Act
Friday, May 29, 2020 | 09:00 AM EDT View Details/Register
Understanding your risks in offering services to cannabis industry
Friday, May 29, 2020 | 09:00 AM EDT View Details/Register
FORM 4797 - INS & OUTS OF REPORTING THE SALE OF TRADE OR BUSINESS PROPERTY (UPDATED 2019)
Friday, May 29, 2020 | 09:30 AM EDT View Details/Register
Tapping CARES Cash Quickly - PPP Loans/Loss Carrybacks and Tax Breaks Don’ Let Opportunity Slip Away
Friday, May 29, 2020 | 10:00 AM EDT View Details/Register
The Theory of Constraints and Lean Accounting
Friday, May 29, 2020 | 11:00 AM EDT View Details/Register
ETHICS FOR TAX PROFESSIONALS (LATEST 2019)
Friday, May 29, 2020 | 11:00 AM EDT View Details/Register
QuickBooks: Setting Up a Chart of Accounts
Friday, May 29, 2020 | 01:00 PM EDT View Details/Register
THE TAX WORLD COVID-19: CHANGES PROFESSIONALS NEED TO KNOW
Friday, May 29, 2020 | 01:00 PM EDT View Details/Register
INNOVATION BEYOND TECHNOLOGY
Friday, May 29, 2020 | 01:30 PM EDT View Details/Register
Advanced 1031 Exchange and Delaware Statutory Trusts: Tax Savings to Wealth Creation
Friday, May 29, 2020 | 02:00 PM EDT View Details/Register
Tax and COVID-19: What to Expect from Audits, Appeals, Criminal Tax Investigations, Collection activities of IRS amid COVID-19
Friday, May 29, 2020 | 02:30 PM EDT View Details/Register
SAS No. 122, AU 315, Understanding the Entity and Its Environment and Assessing the Risk of Material Misstatement
Friday, May 29, 2020 | 03:00 PM EDT View Details/Register
EVERYTHING YOU NEED TO KNOW ABOUT IRAs - CONTRIBUTION, DISTRIBUTION & TAXATION (TRADITIONAL,ROTH, SEP & SIMPLE)
Monday, June 01, 2020 | 09:00 AM EDT View Details/Register
Cryptocurrency Fraud and Forensics
Monday, June 01, 2020 | 09:00 AM EDT View Details/Register
TURBOCHARGE YOUR PROFITABILITY WITH REMOTE OFFICE TECHNOLOGY
Monday, June 01, 2020 | 10:00 AM EDT View Details/Register
  • Cost $30
  • CPE Credits 2
  • CE Credits 2
  • IRS Course ID GEHNZ-T-00070-19-O
  • CTEC Course ID 6273-CE-0113
  • Subject Area Taxes
  • Course Level Intermediate
  • Instructional Method group internet based
  • Prerequisites Basic Understanding Of Individual Income Taxation
  • Advanced Preparation None
  • Who should attend? Tax Attorney Tax Practitioners Accountant Others CPA - Small Firm CPA - Mid Size Firm Tax Pros CPA (Industry) Tax Firm CPA in Business Tax Accountant (Industry) Tax Director (Industry)
  • Handout Material Download

upcoming Live CPE Webinars

The Mathematics of Estate Planning for IRAs After the Secure Act
Friday, May 29, 2020 | 09:00 AM EDT View Details/Register
Understanding your risks in offering services to cannabis industry
Friday, May 29, 2020 | 09:00 AM EDT View Details/Register
FORM 4797 - INS & OUTS OF REPORTING THE SALE OF TRADE OR BUSINESS PROPERTY (UPDATED 2019)
Friday, May 29, 2020 | 09:30 AM EDT View Details/Register
Tapping CARES Cash Quickly - PPP Loans/Loss Carrybacks and Tax Breaks Don’ Let Opportunity Slip Away
Friday, May 29, 2020 | 10:00 AM EDT View Details/Register
The Theory of Constraints and Lean Accounting
Friday, May 29, 2020 | 11:00 AM EDT View Details/Register
ETHICS FOR TAX PROFESSIONALS (LATEST 2019)
Friday, May 29, 2020 | 11:00 AM EDT View Details/Register
QuickBooks: Setting Up a Chart of Accounts
Friday, May 29, 2020 | 01:00 PM EDT View Details/Register
THE TAX WORLD COVID-19: CHANGES PROFESSIONALS NEED TO KNOW
Friday, May 29, 2020 | 01:00 PM EDT View Details/Register
INNOVATION BEYOND TECHNOLOGY
Friday, May 29, 2020 | 01:30 PM EDT View Details/Register
Advanced 1031 Exchange and Delaware Statutory Trusts: Tax Savings to Wealth Creation
Friday, May 29, 2020 | 02:00 PM EDT View Details/Register
Tax and COVID-19: What to Expect from Audits, Appeals, Criminal Tax Investigations, Collection activities of IRS amid COVID-19
Friday, May 29, 2020 | 02:30 PM EDT View Details/Register
SAS No. 122, AU 315, Understanding the Entity and Its Environment and Assessing the Risk of Material Misstatement
Friday, May 29, 2020 | 03:00 PM EDT View Details/Register
EVERYTHING YOU NEED TO KNOW ABOUT IRAs - CONTRIBUTION, DISTRIBUTION & TAXATION (TRADITIONAL,ROTH, SEP & SIMPLE)
Monday, June 01, 2020 | 09:00 AM EDT View Details/Register
Cryptocurrency Fraud and Forensics
Monday, June 01, 2020 | 09:00 AM EDT View Details/Register
TURBOCHARGE YOUR PROFITABILITY WITH REMOTE OFFICE TECHNOLOGY
Monday, June 01, 2020 | 10:00 AM EDT View Details/Register