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

S-Corporation CPE Class for Calculations & Distributions

8 Credits

$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 ) (Approval No. GEHNZ-U-00244-20-S)

8 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273) (Approval No. 6273-CE-0251)

8 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

8 CPD credit (Verifiable) for Certified Valuation Analyst (CVA)

8 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-U-00244-20-S)

8 CE credit of Federal Tax Update for Oregon Tax Preparers (Approval No. GEHNZ-U-00244-20-S)

8 General Educational credit for Tax Professionals / Bookkeepers / Accountants

You need to register for the webinar to watch the video.

Click Here to Register

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

Overview

  • Quick Reference Charts
    13 mins
  • Contribution of Property & services
    46 mins
  • Net Investment Income tax
    142 mins
  • Combined Qualified Business Income Amount
    160 mins
  • Limitation on Business Interest
    197 mins
  • PPP Loan Forgiveness, EIDL Advances & RR Grants
    219 mins
  • Elections to Modify the Distribution Ordering Rules
    279 mins
  • Loss & Deductions Limitations
    316 mins
  • Adjustments to Shareholder Debt Basis
    370 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 online continuing education 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. 

This Online CPE Webinar covers the following Key Topics:

  • An 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. 

During this CE webinar, you will get Free E-Book worth $200. The book will be shared with you during the webinar. The book is copyright protected.

Learning Objectives

  • To learn how to form an 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 the 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 an S corporation.
  • To learn 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?

  • Accounting Firm
  • California Registered Tax Professional
  • CEO
  • Certified Valuation Analysts
  • CFO/Controller
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA