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Tax Forms Boot Camp: S Corporations (TBCS115) - KN
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This course guides new, rusty, or returning-to-practice accountants and staff with a detailed study of the key fundamentals of S corporation rules from formation through distributions. Through use of numerous cases and examples (both simple and complicated) participants also learn how S corporation income and expenses flow into the shareholders returns. Certain worksheets and a 6-step process to accurately complete Form 1120S and related sub-schedules are included.

10/30/2015
When: 10/30/2015
8:30 AM until 4:30 PM
Where: LCPA Training Facility
2400 Veterans Memorial Blvd
Suite 500
Kenner, Louisiana 
United States
Presenter: Brian R. Greenstein


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Early Bird Fees (through 10/15)
Members $289
Non-Members $389
After 10/15, add $50 to your fee.

CPE: 8 hours
Level: Basic
Vendor: Surgent McCoy CPE
Category: Taxation
Prerequisites: None
Advanced prep: None

Who should attend: CPAs needing a comprehensive understanding of the key elements in proper preparation of S corporation tax returns, and those in need of a refresher in S corporation tax laws

Many clients use the S corporation form of doing business, and the S corporation return is a “bread and butter” part of tax preparation practice. This course guides new, rusty, or returning-to-practice accountants and staff with a detailed study of the key fundamentals of S corporation rules from formation through distributions.

Through use of numerous cases and examples (both simple and complicated) participants also learn how S corporation income and expenses flow into the shareholders returns. Certain worksheets and a 6-step process to accurately complete Form 1120S and related sub-schedules are included.

Objectives

  • Identify eligible shareholders, the requirements to make a timely or late election, and the techniques to avoid termination
  • Apportion S corporation items to Schedule K-1 for the shareholders
  • Calculate AAA and stock basis and understand their importance to the taxation of distributions and the deductibility of losses

Major Topics

  • Complete coverage of any new legislation enacted before presentation
  • Understand key operational issues of separately stated versus non-separately stated income and expenses, and the importance of Schedule M-1
  • Accurately account for basis, AAA, and distributions
  • Identify, plan for, and properly report any S-level built-in-gain or passive income tax liability
  • Learn about properly preparing and allocating items to the K-1 schedule
  • Key operational issues from election to liquidation

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Society of Louisiana
Certified Public Accountants

2400 Veterans Memorial Blvd., Suite 500
Kenner, LA 70062-4739

504.464.1040
800.288.5272 Map/Directions


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