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S-Corporation (Form 1120S) — Formation to Liquidation

8:30 am–4:15 pm ET

# of CPE Credits

8

Description

With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a S corporation course focusing on the birth, growth, maturity, and death of a closely held S corporation. This case driven course will deal with S corporation income tax laws from formation to liquidation.

Objective

Once participants have completed this session, they should be able to: • Form a S corporation and calculate the entity’s initial inside basis in the assets and shareholder’s stock basis •Understand the operational issues during the growth and maturity of a S corporation and how the schedule K items get allocated to the shareholders on their individual Schedule K-1 effecting stock and debt basis • Prepare a Schedule M-2 and determine how distributions are treated to the shareholders •Comprehend the tax ramifications of liquidating a S corporation and the sale versus redemption of a shareholder’s stock

Highlights

This class will review S corporation tax law by looking at case studies addressing issues and problems at both the S corporation and shareholder level. 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 •Requirements to make an S election (i.e., types and numbers of shareholders and second class of stock issues) •Fixing late S corporation elections (i.e., Form 2553) •S corporation formation (§351) and liquidation issues •Revocation and termination of S corporations •Schedule K and K-1 – separately stated versus non-separately stated income and expense items •Detailed Schedule K-1 reporting including the 20% qualified business income (QBI) deduction and 3.8% net investment income tax •Compensation issues including the tax treatment of fringe benefits •Built in gains tax and other planning opportunities when converting a C to S corporation •Preparation of the Schedule M-2 and the ordering rules for distributions out of the AAA, PTI, E&P and OAA accounts •Tax treatment of stock redemptions (sale or distribution?)

Who Should Attend

Tax professionals (in public or private industry) seeking a case driven income tax return course addressing the most common, yet complex Federal S corporation issues and problems.

Required Knowledge

Background in S corporation and individual income tax law

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
Monday, January 16, 2023 (8:30 am–4:15 pm ET)
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Webcast
Wednesday, November 2, 2022 (8:30 am–4:15 pm ET)
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Webcast
Friday, October 21, 2022 (8:30 am–4:15 pm ET)
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Webcast
Monday, December 19, 2022 (8:30 am–4:15 pm ET)
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Event Vendor:The Tax U
Field of Study:Taxes
Level: Intermediate

Event Type:Webcast
NASBA Instructional Method:Group Internet Based
Event Code:W0021422

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.