Webcast: Staff Tax Training: S Corporations (Form 1120S) 26-27

Overview

This two-day training course provides a comprehensive understanding of the Federal income tax laws applicable to S corporations and their shareholders. The cornerstone of this course is the integration of the most recent tax laws and theories into real-world case scenarios and preparing and reviewing the IRS tax forms and schedules. Attendees will receive a comprehensive S corporation income tax reference manual that includes practice aids, real-world examples, new Federal income tax forms and programs, and Pat Garverick’s Quick Reference Chart. This session is taught using a hands-on methodology. Real-world examples and cases demonstrate the complex income tax code and regulations to enhance the participant’s learning experience. 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 Pat Garverick’s Quick Reference Chart.

Highlights

An extensive review of the individual income tax laws with an emphasis on any new legislative changes and Form 1040 (and related schedules) preparation issues

Walk through the detailed 20% qualified business income (QBI) deduction computation and Form 8995/8995-A

Form 1040'gross income items including wages, interest & dividends (Schedule B), alimony, refunds, unemployment compensation, pension, IRA's, social security and other miscellaneous income items

Schedule A'allowable itemized deductions & changes after the TCJA

Schedule C and F'trade or business income and deductions

Form 4562'depreciation, amortization and §179 expense

Schedule D'sales of capital assets and personal residences

Form 4797'sale of trade or business property, including the ordinary income recapture rules under IRC §1245 and §1250

Schedule E'rentals, passive activities and flow-through entities K-1s

Adjustments to gross income, including IRAs, SEPs, SIMPLEs, HSAs, tuition and fees, alimony paid, student loan interest and self-employed health insurance deduction

Overview of the various taxes, including income, capital gain, self-employment, household employee, kiddie taxes, AMT and 3.8% net investment income tax

Selected tax credits (e.g., child tax, dependent care and education)

Prerequisites

Basic understanding of individual income taxation.

Designed For

Tax return preparers, staff accountants, and paraprofessionals with little or no experience. Also, out of practice public accountants seeking a comprehensive basic S corporation income tax course.

Objectives

Understand a majority of the Federal income tax laws applicable to most individuals (i.e., theory) and apply this from a tax-form perspective

Prepare a complete Form 1040 individual income tax return and related schedules with minimal review points