S Corporation (Form 1120S) Tax Return Review & Case Study - NEW! - Webcast – NEW DATE!

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Jun 29, 2020

Registration: 7:30 AM / Program: 8:00 AM - 4:00 PM Pacific Time

Fees

Member Fee: $0.00
Nonmember Fee: $0.00

Available Discounts

AICPA Member: None
Full time Accounting Educator: None

Description

With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs an S Corporation course focusing on the hottest tax topics and most frequently encountered issues. This case-driven course will deal with both S Corporation and shareholder developments addressing the most common, yet complex federal S Corporation issues and problems.

This course will review in detail the S Corporation income tax laws with an emphasis on any new legislative changes under the Tax Cuts & Jobs Act and CARES Act such as:

  • Tax treatment of the forgiveness for certain SBA guaranteed loans
  • Retroactive changes to allow 100% bonus depreciation for certain qualified property
  • Modification to the §163(l) losses for non-corporate taxpayers (i.e., shareholders and partners)
  • Increase in the §163(j) interest deduction limitation from 30% to 50%
  • 20% qualified business income (QBI) deduction reporting 

Designed For

Tax professionals in public or private industry seeking a case-driven income tax return course addressing the most common, yet complex federal S Corporation issues and problems.

Objectives

  • Form and liquidate an S Corporation and determine any tax ramifications to the corporation and shareholders
  • Calculate the corporation’s initial inside basis in the assets and shareholder’s stock and debt basis
  • Understand how the Schedule K items get allocated to the shareholders on their individual Schedule K-1 and the effect on a shareholder’s stock and debt basis
  • Prepare a Schedule M-2 and determine how distributions are treated to the shareholders

Major Subjects

This class will review S Corporation tax law by looking at case studies addressing issues and problems at both the S Corporation and shareholder level. Each attendee will receive the most comprehensive reference manual with numerous practice aids and real-world examples and case studies. Topics include:
  • Extensive review of the S Corporation tax laws with an emphasis on any new legislative changes including the Tax Cuts & Jobs Act (TCJA) new 20% qualified business income (QBI) deduction and changes to the interest deduction, fringe benefits, and entertainment expenses 
  • Requirements to make an S election (i.e., types and numbers of shareholders and second class of stock issues)
  • Fixing late S Corporation elections (i.e. Form 2553)
  • S Corporation formation (§351) and liquidation issues
  • Revocation and termination of S Corporations
  • Schedule K and K-1 – separately & non-separately stated income and expense items
  • Compensation issues including the tax treatment of fringe benefits
  • Built in gains tax and other planning opportunities when converting a C to S Corporation
  • Preparation of the Schedule M-2 and the ordering rules for distributions out of the AAA, PTI, E&P and OAA accounts
  • Tax treatment of stock redemptions (sale or distribution?) 
  • Overview of a shareholder stock and debt basis and deductibility of losses

If you would like to register for this event, please contact OSCPA at 800-255-1470, 503-641-7200, or email profdev@orcpa.org.