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.
Once participants have completed this session they should be able to: * Prepare a complete Form 1120S income tax return and related schedules with minimal review points * Understand the S corporation income tax law from a tax-form perspective and become more knowledgeable with the information gathering process (i.e. asking the right questions)
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 non-separately 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.
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