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S-Corp Prep, Basis Calculations, and Distributions: Form 1120S Schedule K and K-1 Analysis

8:30 am–4:15 pm ET

# of CPE Credits

8

Description

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.

Objective

Once participants have completed this session, they should be able to * Form a 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

Highlights

* 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-through 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 who need an in-depth training course on tax-preparation issues, basis calculations, and distributions rules for S-corporations and their shareholders

Required Knowledge

None

Advanced Prep

Background in S-corporation an

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
Monday, November 1, 2021 (8:30 am–4:15 pm ET)
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Webcast
Monday, November 29, 2021 (8:30 am–4:15 pm ET)
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Webcast
Monday, December 27, 2021 (8:30 am–4:15 pm ET)
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Share This Event

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

Event Type:Webcast
NASBA Instructional Method:Group Internet Based
Event Code:W0021421

Registration Fees

RegistrationEarly BirdRegular
NCACPA MemberN/A$245.00
Non-MemberN/A$345.00
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.