Early Bird Fees (through 10/15)
After 10/15, add $50 to your fee.
CPE: 8 hours
Vendor: Surgent McCoy CPE
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.
- 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
- 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