Pat Garverick's S Corporation (Form 1120S) – Formation to Liquidation – NEW!

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Jun 27, 2022

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

Fees

Member Fee: $309.00
Nonmember Fee: $384.00

Available Discounts

AICPA Member: None
Full time Accounting Educator: -154.00

The above fees may not be reflective of the total event price. See below.

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 birth, growth, maturity, and death of a closely held partnership/LLC. This case driven course will deal with both S corporation income tax laws from formation to liquidation.
Health & Safety Protocols for In-person Attendance
All in-person participants agree to follow current health and safety guidelines and must adhere to applicable requirements including the following:
  • Acknowledge the COVID-19 assumption of risk, waiver, and release.
  • Follow local mask guidelines, if any, in place at the time of this event and comply with any other safety guidelines required by OSCPA or the venue.

Designed For

Tax professionals (in public or private industry) seeking a case driven income tax return course addressing the many common, yet complex Federal S corporation issues and problems.

Objectives

Once participants have completed this session, they should be able to:
  • Form an S Corporation and calculate the entity’s initial inside basis in the assets and shareholder’s stock basis
  • Understand the operational issues during the growth and maturity of an S corporation and how the schedule K items get allocated to the shareholders on their individual Schedule K-1 effecting stock and debt basis
  • Prepare a Schedule M-2 and determine how distributions are treated to the shareholders
  • Comprehend the tax ramifications of liquidating an S corporation and the sale versus redemption of a shareholder’s stock

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 but are not limited to:

  • Extensive review of the S corporation tax laws with an emphasis on any new legislative changes
  • Requirements to make an S election (i.e., types and number 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 S corporations
  • Schedule K and K-1 – separately stated versus non-separately stated income and expense items
  • Detailed Schedule K-1 reporting including the 20% qualified business income (QBI) deduction and 3.8% net investment income tax
  • 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?)


Did you know? The OSCPA member rate for CPE courses is extended to all OSCPA members and their employees who are not eligible for OSCPA membership. Members of other state CPA societies are also eligible for member rates.

After adding the course(s) to your cart, click "Apply Discounts" and select either "This person is an uncertified staff of an OSCPA member" or "This person is a member of another state CPA society."


Administrator Note: If you are registering individuals from your firm/business to attend this in-person event you have two registrations options:

  1. Via online registration: prior to completing this registration, you must confirm with each individual that they have read and agree to the COVID-19 Assumption of Risk, Waiver, and Release. Or, 
  2. Call OSCPA: at 503-641-7200 / 800-255-1470, ext. 3 to register your staff. Following registration, OSCPA will send an email to each registered individual with a link to the COVID-19 Assumption of Risk, Waiver, and Release.

Select option(s) below:

Add-Ons

REQUIRED: COVID-19 Assumption of Risk, Waiver, and Release

I am aware of the contagious nature of COVID-19 and the risk that I may be exposed to or contract COVID-19 anywhere that there is person-to-person contact, including while on premises of and engaging in this event, and despite masking and additional precautions. By attending this event, I am knowingly and voluntarily accepting the risk of contracting COVID-19. I acknowledge that my in-person attendance is voluntary, and I waive and release OSCPA, their members, affiliates, officers, directors, employees, agents, speakers, contractors, and volunteers of all liability. I agree to read and comply with the safety precautions associated with the event that are communicated to me by OSCPA or the venue.
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Leaders

Patrick Garverick

Pat

J. Patrick (Pat) Garverick is a Certified Public Accountant (CPA) who began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country. In addition to being a CPA, Pat is also a Certified Financial Planner (CFP®). Pat has presented continuing education sessions since 1993 throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. During his time in college Pat earned a letter as a member of the Ohio State Basketball squad. He remains a stanch supporter of the sports programs at his alma mater.

(3/19/21)