February 1, 2023 9:00am – 4:30pm Map & Directions 602-252-4144

Webcast: S Corporation Taxation: Comprehensive-Form 1120S

Description

Obtain a comprehensive review of the laws and regulations impacting S corporations. Be updated on the IRS' compliance campaign that targets the improper reporting and calculations of stock basis and distributions. Learn how to properly calculate and then report critical S corporation tax items that generate most IRS audit adjustments. Course topics cover issues such as S corporation qualifications, making and keeping the S election, reasonable compensation, taxation of distributions, the use of Qualified Subchapter S Subsidiaries, allocation of annual operating income and loss, S corporation tax reporting elections and learning the proper method to calculate the basis of stock and debt amounts.

Location

ASCPA Live Online Webcast
Phoenix, AZ 85034-6617

Registration Time

8:30am

Fees

Member:
$300
Non-CPA Staff:
$400
Non-CPA Staff (100% club):
$300
Non-CPA Staff (sole proprietor):
$300
Non-Member:
$400
Webcast
Taxation
8

Objectives

  • Identify how to form a qualified entity and elect S Corp status
  • Determine how to properly allocate income and loss items to shareholders on their individual Schedule K-1.
  • Calculate an S corporations' initial basis in its assets as well as a shareholder's stock and debt basis in the S corporation.
  • Recognize three main reasons for calculating a shareholder's basis in an S Corp.
  • Calculate annual adjustments to a shareholders' stock and debt basis and determine if losses and deductions are limited on the shareholders' individual income tax return.
  • Calculate the three major taxes attributable to S corporations.
  • Learn how to calculate AAA and OAA account for an S corporation.
  • Understand the impact of stock redemptions on the AAA and E&P accounts.
  • Review basic tax compliance requirements including all of the major S corporation entity tax elections.

Course Level

Intermediate

Vendor

CalCPA Education Foundation More With This Vendor

Designed For

Tax professionals.

Prerequisites

General knowledge in individual and S corporation income taxation.

Highlights

  • Discuss all new legislative, administrative, and judicial changes affecting S corporation and shareholders.
  • Learn how to qualify and to make the S corporation election.
  • Learn the qualifications for S corporation stock ownership.
  • Understand how to calculate initial and annual stock and debt basis amounts and the three reasons why they are maintained.
  • Understand the four loss limitation rules applied on the shareholder's individual income tax return (I.e., basis, at-risk, passive, and excess business loss limitations).
  • Understand the proper tax treatment and reporting of a distribution from the S corporation to a shareholder.
  • Learn how to calculate the three S corporation taxes.
  • Learn how to calculate AAA and OAA account for an S corporation.
  • Determine the impact of health insurance, the net investment income tax, qualified business income tax deduction and unreasonable compensation issues on the reporting function of the S corporation.

Notes

None

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