Staff Tax Training: S Corporations (Form 1120S) 25-26 (16 hours)

Overview

This two-day training course provides a comprehensive understanding of the Federal income tax laws applicable to S corporations and their shareholders. The cornerstone of this course is the integration of the most recent tax laws and theories into real-world case scenarios and preparing and reviewing the IRS tax forms and schedules. Attendees will receive a comprehensive S corporation income tax reference manual that includes practice aids, real-world examples, new Federal income tax forms and programs, and Pat Garverick’s Quick Reference Chart. This session is taught using a hands-on methodology. Real-world examples and cases demonstrate the complex income tax code and regulations to enhance the participant’s learning experience. 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.

Highlights

• An extensive review of the S corporation tax laws with an emphasis on any new legislative changes Form 1120S (and related schedules) preparation issues
• S corporation formation issues and liquidations
• Form 2553 S corporation elections and late IRS election procedures
• Schedule K and K-1
• preparation issues including separately and non-separately stated income and expense items (including the 20% qualified business income (QBI) deduction, 3.8% net investment income tax, business interest deduction limitations, fringe benefits and entertainment expenses)
• S corporation revocation and termination and allocation of income during short S and C corporation years
• Unreasonably low officer compensation issues
• Tax treatment of fringe benefits paid to 2% shareholders and family members
• Schedule D
• built-in gains (BIG) tax computation and planning opportunities when converting from a C to S corporation
• Excess passive investment income tax issues
• Schedule M-2
• detailed step-by-step analysis of the AAA, PTI, E&P and OAA accounts and look at the tax treatment of distributions when the S corporation has prior C corporation earnings and profits (E&P)
• Overview of calculating a shareholder
• s stock and debt basis and discuss how S corporation losses and deductions can be limited to basis and the at-risk rules

Prerequisites

Basic understanding of individual income taxation

Designed For

Tax return preparers, staff accountants, and paraprofessionals with little or no experience. Also, out of practice public accountants seeking a comprehensive basic S corporation income tax course.

Objectives

• Understand the Federal income tax laws applicable to S corporations and their shareholders from formation to liquidation (i.e. theory) and apply this from a tax-form perspective (i.e. tax preparation)
• Prepare a complete Form 1120S income tax return and related schedules with minimal review points

Notice

“Adding to Calendar” does not register you for this event. Please either register online by clicking “Add to Cart” or contacting OSCPA at 503-641-7200 / 800-255-1470, ext. 3. Thank you!