Shareholder Basis

Course Details

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Course Description

It is very important to understand that why Basis in S Corporation Stock and Debt Is Vital to Utilization of Losses, Computation of Gain or Loss upon Disposition, and Distribution Taxability. Shareholder basis in the stock and debt of an S corporation is vital for three reasons: First, under Section 1366, a shareholder may only utilize losses to the extent of the basis in the stock and debt. In addition, when a shareholder sells the stock, the basis in the stock will help determine the gain or loss resulting from the sale. Lastly, the shareholder's basis in S corporation stock will, in part, determine the taxability of any distributions made by the corporation to the shareholder.

Highlights of the webinar : 

  • What comprises Shareholder basis for s-corporations 
  • Shareholder basis importance to the tax professional when preparing both the 1120S and shareholder’s 1040 tax returns.
  • Questions you need to ask the client and how to calculate it.

This webinar will help you with a detailed analysis of the calculations related to determining an S shareholder's tax basis for S corporation shares using the Form the 1120S, Schedule K-1 information. 

Learning objectives

  • Introduction to shareholder basis for sub-chapter S corporations
  • To know Importance of keeping track of shareholder basis
  • To learn about applications of shareholder & calculations to basis
  • To Recognize how to compute stock and debt basis
  • To describe which type of account an S Corporation needs to maintain to determine the taxability of an S corporate distributions

About Presenter

Susan Tinel, EA

., April 15 Taxes Inc

susan@april15taxes.com

Susan Tinel is an Enrolled Agent with over 15 years of experience working with small- and medium-sized businesses and individuals. Susan heads up April 15 Taxes, Inc., a full-service, cloud-based firm offering services in tax, accounting and entity filings. Based in San Diego, she works with more than 150 clients across the country, in Canada and the United Kingdom, 75 percent of which are small businesses. She is a QuickBooks ProAdvisor, advanced certified in QuickBooks Online.  Ms. Tinel provides 

• Tax and business planning for small-to-medium size businesses, 
• Start up consulting for entrepreneurs.
• Cloud Accounting and payroll
• tax preparation services.
• International tax advisory for foreign-owned US businesses and foreign individuals residing in the US.
• Entity structuring for new businesses; entity analysis and restructuring.
• Cloud Migration services.
• Offering complete cloud solutions to small businesses

At April 15 Taxes Inc, our expertise is finding complete Income Tax and Cloud Accounting solutions for individuals and businesses.  We focus on helping potential clients understand how they can grow their business by having access to their data 24/7. We also understand the importance of the relationship we build with our clients, and, together, we help you to achieve your goals and objectives.  We offer the highest level of expertise with licensed Enrolled Agents (EA), who help keep you on top of the latest tax law changes and regulations. We offer year long additional services like: Cloud Accounting with 24/7 access, Payroll (certified or not), Bookkeeping and Personal Assistant for Entity Creation, Filings, Restructuring, Marketing, Tax Audit and more. We are also QuickBooks Pro Advisors.

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.
  • You must attend complete webinar and respond to all polling questions asked during the webinar. CPE is issued on 50 minute credit hour basis.
  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you are Canadian Chartered Professional Accountant (CPA) many of our courses qualifies for your verifiable CPD requirements you will get your certificate for the program. You can check a tab of “Webinar Qualifies for” for the same.However please do verify with respective regulatory body about the eligibility for the same.
  • Many of our courses are approved by “CFP Board” for CE credits of certified financial Planner(CFP). Please check a tab of “Webinar Qualifies for” to verify whether webinar qualifies for CE credits for CFP or not.

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).

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

Partnership Preparation, Basis Calculations & Distributions–Form 1065 Schedule K & K-1 Analysis
Friday, September 18, 2020 | 10:00 AM EDT View Details/Register
BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S)
Friday, September 18, 2020 | 08:00 AM PDT View Details/Register
Individual Tax Update 2020
Friday, September 18, 2020 | 03:30 PM EDT View Details/Register
IRS Issues Informal CARES Guidance on IRAs and Qualified Plan
Friday, September 18, 2020 | 04:00 PM EDT View Details/Register
QBO: For Progress Invoicing and Job Costing with Latest Updates
Monday, September 21, 2020 | 09:00 AM EDT View Details/Register
FASB ASC 606 : TIPS ON ACCOUNTING & AUDITING FOR REVENUE RECOGNITION
Monday, September 21, 2020 | 09:00 AM EDT View Details/Register
Budgeting using Excel
Monday, September 21, 2020 | 09:00 AM EDT View Details/Register
Passive Activity Loss Limitations: Working with the Complex PAL Rules & Real Estate Tax Issues.
Monday, September 21, 2020 | 10:00 AM EDT View Details/Register
DUTY TO REASONABLY ACCOMMODATE: THE ADA, TITLE VII & FMLA
Monday, September 21, 2020 | 10:00 AM EDT View Details/Register
Best Overview on Individual Tax Updates 2020 (Basic)
Monday, September 21, 2020 | 10:00 AM EDT View Details/Register
Revenue Recognition Considerations for Not-for-Profit Entities
Monday, September 21, 2020 | 10:00 AM EDT View Details/Register
BASIS CALCULATIONS & DISTRIBUTIONS FOR PASS-THRU ENTITY OWNERS SCHEDULE K-1 ANALYSIS (LATEST)
Monday, September 21, 2020 | 08:00 AM PDT View Details/Register
Yellow Book Boot Camp: Part 1 – Introduction to NFP and Governmental Accounting & Auditing
Monday, September 21, 2020 | 08:00 AM PDT View Details/Register
The Secure Act Is Now Law: Are You Fully Prepared? THE TEN-YEAR RULE – EVERYONE NEEDS TO RECONSIDER EVERYTHING! A NEW PRESENTATION FILLED WITH FRESH IDEAS
Monday, September 21, 2020 | 11:30 AM EDT View Details/Register
Opportunity Zone Fundamentals – Structure, Compliance Requirements And Tax Filing Mechanics
Monday, September 21, 2020 | 12:00 PM EDT View Details/Register
  • Cost FREE
  • CPE Credits 1
  • CE Credits 1
  • IRS Course ID GEHNZ-T-00019-19-O
  • CTEC Course ID 6273-CE-0103
  • Subject Area Taxes
  • Course Level Basic
  • Instructional Method group internet based
  • Prerequisites None
  • Advanced Preparation None
  • Who should attend? Enrolled Agent Tax Attorney Tax Practitioners CPA - Small Firm CPA - Mid Size Firm Accounting Firm Tax Pros CPA (Industry) Tax Firm Young CPA CPA in Business Entrepreneurial CPA
  • Handout Material Download

upcoming Live CPE Webinars

Partnership Preparation, Basis Calculations & Distributions–Form 1065 Schedule K & K-1 Analysis
Friday, September 18, 2020 | 10:00 AM EDT View Details/Register
BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S)
Friday, September 18, 2020 | 08:00 AM PDT View Details/Register
Individual Tax Update 2020
Friday, September 18, 2020 | 03:30 PM EDT View Details/Register
IRS Issues Informal CARES Guidance on IRAs and Qualified Plan
Friday, September 18, 2020 | 04:00 PM EDT View Details/Register
QBO: For Progress Invoicing and Job Costing with Latest Updates
Monday, September 21, 2020 | 09:00 AM EDT View Details/Register
FASB ASC 606 : TIPS ON ACCOUNTING & AUDITING FOR REVENUE RECOGNITION
Monday, September 21, 2020 | 09:00 AM EDT View Details/Register
Budgeting using Excel
Monday, September 21, 2020 | 09:00 AM EDT View Details/Register
Passive Activity Loss Limitations: Working with the Complex PAL Rules & Real Estate Tax Issues.
Monday, September 21, 2020 | 10:00 AM EDT View Details/Register
DUTY TO REASONABLY ACCOMMODATE: THE ADA, TITLE VII & FMLA
Monday, September 21, 2020 | 10:00 AM EDT View Details/Register
Best Overview on Individual Tax Updates 2020 (Basic)
Monday, September 21, 2020 | 10:00 AM EDT View Details/Register
Revenue Recognition Considerations for Not-for-Profit Entities
Monday, September 21, 2020 | 10:00 AM EDT View Details/Register
BASIS CALCULATIONS & DISTRIBUTIONS FOR PASS-THRU ENTITY OWNERS SCHEDULE K-1 ANALYSIS (LATEST)
Monday, September 21, 2020 | 08:00 AM PDT View Details/Register
Yellow Book Boot Camp: Part 1 – Introduction to NFP and Governmental Accounting & Auditing
Monday, September 21, 2020 | 08:00 AM PDT View Details/Register
The Secure Act Is Now Law: Are You Fully Prepared? THE TEN-YEAR RULE – EVERYONE NEEDS TO RECONSIDER EVERYTHING! A NEW PRESENTATION FILLED WITH FRESH IDEAS
Monday, September 21, 2020 | 11:30 AM EDT View Details/Register
Opportunity Zone Fundamentals – Structure, Compliance Requirements And Tax Filing Mechanics
Monday, September 21, 2020 | 12:00 PM EDT View Details/Register