Webcast: S Corporation Preparation (XCSCPBC19)
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Get a comprehensive review of the laws and regulations impacting S corporations. Be prepared to handle the IRS' 2017 announcement that targets the improper reporting and calculations of stock basis. Course topics cover issues surrounding reasonable compensation, distribution taxation, the use of Qualified Subchapter S Subsidiaries, allocation of annual operational income and loss and proper methods for calculating basis of stock and debt calculations. Learn how to properly prepare a Form...

1/15/2019
When: 01/15/2019
8:30 AM until 4:00 PM
Where: Webcast
CALCPA
4183578L
Louisiana
United States
Presenter: Troy Lewis, CPA, MACC, CGMA


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Acronym XCSCPBC19
CPE 8 hours
Vendor CalCPA
Category
Tax
Level Intermediate
Yellow Book? No
Registration Fees
Members* $245
CPA Non-Members $375

*The member rate applies to LCPA members, other state CPA society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Texas CPAs: Our Texas State Board of Public Accountancy Sponsor number is #010423.

Course Description

Get a comprehensive review of the laws and regulations impacting S corporations. Be prepared to handle the IRS' 2017 announcement that targets the improper reporting and calculations of stock basis.

Course topics cover issues surrounding reasonable compensation, distribution taxation, the use of Qualified Subchapter S Subsidiaries, allocation of annual operational income and loss and proper methods for calculating basis of stock and debt calculations. Learn how to properly prepare a Form 1120S by addressing difficult compliance issues and common errors.

Objectives

  •  Identify how to form an S corp and calculate its initial inside basis in the assets and shareholder's stock and debt basis.
  • Show how to prepare a basic S corp (Form 1120S) Schedule K and Schedule M-2, including the reporting of cash and non-cash distributions.
  • Determine how Schedule K items get allocated to the shareholders on their individual Schedule K-1.
  • Recognize three main reasons for calculating a shareholder's basis in a S corp.
  • Calculate a shareholder's stock and debt and determine if losses and deductions are limited on their individual income tax return.

Major Topics

  •  Emphasize any new legislative changes affecting S corporation and shareholders
  • 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-thru 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, OAA, PTI and E&P accounts

Designed For: Tax professionals.

Prerequisite: General knowledge in individual and S corporation income taxation.

Advance Prep: None.

Note: Login instructions will be provided by the webcast vendor (CalCPA).