Hands-On Tax Return Workshop: S Corporations (Form 1120S) – Webcast

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Jan 6, 2021

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

This case-driven training is designed to get the inexperienced accountant up to speed quickly in the most common areas of S Corporation taxation. The cornerstone of this course is the preparation of the Form 1120S using a fairly complex trial balance common to most S Corporation income tax returns.

Designed For

Tax return preparers, staff accountants, and paraprofessionals with little or no experience, and out-of-practice public accountants seeking a basic tax return preparation course.

Objectives

  • Prepare a complete Form 1120S income tax return and related schedules with minimal review points
  • Understand the S Corporation income tax law from a tax-form perspective and become more knowledgeable with the information gathering process (i.e. asking the right questions)

Major Subjects

This session is taught using a Hands-On methodology. Using a comprehensive trial balance, the participant will walk through the steps to prepare a complete and accurate Form 1120S (and related schedules)
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.  Topics include:
  • Extensive review of the S Corporation tax laws with an emphasis on any new legislative 
  • Schedule K analysis– determine if income statement items are separately (i.e. schedule K) or non-separately stated income and expense items
  • Discuss how Schedule K items get allocated to shareholders on their Schedule K-1s
  • Look at detailed Schedule K-1 information reporting to shareholders needed for the qualified business income (QBI) deduction, 3.8% net investment income tax, and business interest expense limitations
  • Talk about the unreasonably low officer compensation issues
  • Learn the special tax treatment of fringe benefits paid to 2% shareholders and family members
  • Schedule M-1 – calculate the reconciliation of income or loss per books with income or loss per income tax return
  • Schedule M-2 – detailed step-by-step calculation of the AAA, PTI, E&P and OAA accounts
  • Basic overview of the tax treatment of distributions including when a S Corporation has prior C Corporation earnings and profits (E&P)
  • Review the importance and basics of calculating a shareholder’s stock and debt basis
  • Basic overview of the potential S Corporation built-in gains tax from the conversion of a C to S Corporation

This event has already passed. If you have any questions, please contact us at 503-641-7200 or email profdev@orcpa.org.