Pat Garverick's S Corporation (Form 1120S) - Formation to Liquidation - Webcast

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Jun 5, 2023

Registration: 7:30 AM / Program: 8:00 AM - 3:45 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 a S corporation course focusing on the birth, growth, maturity, and death of a closely held S corporation. This case driven course will deal with S corporation income tax laws from formation to liquidation.

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.

Designed For

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

Objectives

Once participants have completed this session, they should be able to:
  • Form a 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 a 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 a S corporation and the sale versus redemption of a shareholder’s stock

Major Subjects

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 numbers of shareholders and second class of stock issues)
  • Fixing late S corporation elections (i.e., Form 2553)
  • S corporation formation (Section 351) and liquidation issues
  • Revocation and termination of 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."

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


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)