This comprehensive training 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 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.
Once participants have completed this session they should be able to * Form an S Corporation and calculate the corporation’s initial inside basis in the assets and shareholder’s stock and debt basis * Prepare a basic S Corporation (Form 1120S) Schedule K & Schedule M-2 including the reporting of cash and noncash distributions * Understand how the schedule K items get allocated to the shareholders on their individual Schedule K-1 * List the three main reasons for calculating a shareholder’s basis in a S Corporation * Calculate a shareholder’s stock and debt and determine if losses and deductions are limited on their individual income tax return
* Each attendee will receive the most comprehensive reference manual with numerous practice aids and real-world examples and case studies * Topics include but are not limited to * 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
Who Should Attend
Tax professionals that need an in-depth training course on tax-preparation issues, basis calculations and distributions rules for S Corporations and their shareholders
Additional Event Information
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|W0009919: S Corp Prep, Basis Calculations & Distributions – Form 1120S Schedule K & K-1 Analysis||Early Bird||Regular|
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