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Hands-On Tax Return Workshop: S-Corporations (Form 1120S)

8:30 am–4:15 pm ET

# of CPE Credits

8

Description

This case-driven training is designed to get the inexperienced accountant up-to-speed quickly in the most common areas of S-corporation taxation. The cornerstone of this course is the preparation of the Form 1120S using a fairly complex trial balance common to most S-corporation income tax returns.

Objective

Once participants have completed this session, they should be able to * Form a partnership and calculate the partnership’s initial inside basis in the assets and partner’s outside basis in the entity * Prepare a basic partnership (Form 1065) Schedule K, including the reporting of cash and noncash distributions * Understand how the Schedule K items get allocated to the partners/members on their individual Schedule K-1 * List the three main reasons for calculating a partner/member’s basis in a partnership/LLC * Calculate a partner/member’s outside basis and determine if losses and deductions are limited on their individual income tax return

Highlights

* This session is taught using a Hands-On methodology * Using a comprehensive trial balance, the participant will walk through the steps to prepare a complete and accurate Form 1120S (and related schedules) * Each participant will receive a comprehensive S-corporation income tax reference manual that includes numerous practice aids, real-world examples, new federal income tax forms and schedules, and the Phoenix Beach Quick Reference Chart * Topics include * Detailed coverage of the Tax Cuts & Jobs Act (TCJA) affecting S-corporations * Extensive review of the S-corporation tax laws with an emphasis on any new legislative changes * Schedule K analysis—determined if income statement items are treated as separately (i.e. Schedule K) or nonseparately stated income and expense items * Discuss how Schedule K items get allocated to shareholders on their Schedule K-1s * Look at what relevant information related to the 3.8% net investment income tax needs to be reported to the shareholders * Talk about the unreasonably low officer compensation issues * Learn the special tax treatment of fringe benefits paid to 2% shareholders and family members * Schedule M-1—calculate the reconciliation of income or loss per books with income or loss per income tax return * Schedule M-2—detailed step-by-step calculation of the AAA, OAA, and PTI accounts * Basic overview of the tax treatment of distributions including when a S-corporation has prior C-corporation earnings and profits (E&P) * Review the importance and basics of calculating a shareholder’s stock and debt basis * Basic overview of the potential S-corporation built-in gains tax from the conversion of a C- to S-corporation

Who Should Attend

Tax return preparers, staff accountants, and paraprofessionals with little or no experience and out-of-practice public accountants seeking a basic tax return preparation course

Required Knowledge

None

Advanced Prep

None

Event Speaker(s)

J. Patrick Garverick ( Garverick CPE, Goodyear, AZ ),

Additional Event Information

Technical Support
Contact NCACPA if you need assistance with your online program. For the quickest results, email the Online Learning Team at [email protected], and a team member will contact you shortly.

If you need assistance with internet access issues, browser capability, or when the NCACPA office is closed* please call Freestone Technical Support at 866-702-3278 or by email at [email protected] .

*NCACPA office hours are 9:00 am–5:00 pm ET. Online Learning Team members will be available via email 30 minutes prior to the start of a live online program.

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Also Available As

Webcast
Thursday, September 8, 2022 (8:30 am–4:15 pm ET)
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Webcast
Thursday, December 22, 2022 (8:30 am–4:15 pm ET)
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Webcast
Monday, November 21, 2022 (8:30 am–4:15 pm ET)
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Webcast
Thursday, January 19, 2023 (8:30 am–4:15 pm ET)
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Share This Event

Event Vendor:The Tax U
Field of Study:Taxes
Level: Basic
Other:Enrolled Agent

Event Type:Webcast
NASBA Instructional Method:Group Internet Based
Event Code:W0005522

Registration Fees

RegistrationEarly BirdRegular
NCACPA MemberN/A$260.00
Non-MemberN/A$360.00
CPE Sponsors LogoThe North Carolina Association of Certified Public Accountants 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/.

For information regarding refund, complaint, program cancellation or other policies, visit our Registration Policies page or call 800-469-1352.