TBCS
TAX FORMS BOOT CAMP: S CORPORATIONS

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.

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

Learning 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

Designed For: 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
Level of Knowledge: Basic
Prerequisite: None
Advanced Preparation: None
Credits: 8
Field of Study: Taxes(8)
CFP Credit: No




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