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S Corporation Preparation, Basis Calculations and Distributions: Schedule K and K1 (Form 1120S) Analysis (4171622D)

 
Date:Friday, January 26, 2018
Time:9:30 AM - 5:00 PM
(Registration at 9:00 AM)
Facility:Webcast or Webinar, Online
CPE Credit:8.0 Technical Business
Instructor: J P. Garverick
Vendor:California CPA Education Foundation
Course Level:Intermediate
Early Bird Price:$245.00 FICPA Members, $365.00 Non-Members

Description:

This comprehensive training course will get you up to speed quickly with S corp formation and preparation issues and calculating a shareholder's stock and debt basis. We'll take a line-by-line analysis of the Form 1120S Schedule K and K-1 and how these items affect the shareholder’s federal individual income tax return. Each attendee will receive a comprehensive reference manual with numerous practice aids and real-world examples and case studies.



Objectives:
  • Identify how to form an S corp and calculate its initial inside basis in the assets and shareholder's stock and debt basis.
  • Show how to prepare a basic S corp (Form 1120S) Schedule K and Schedule M-2, including the reporting of cash and non-cash distributions.
  • Determine how Schedule K items get allocated to the shareholders on their individual Schedule K-1.
  • Recognize three main reasons for calculating a shareholder's basis in a S corp.
  • Calculate a shareholder's stock and debt and determine if losses and deductions are limited on their individual income tax return.


Major Topics:
  • Emphasize any new legislative changes affecting S corporation and shareholders
  • Review the Form 1120S and discuss how items get reported on the S corporation tax return (i.e., page 1 versus Schedule K) and flow-thru to the shareholders on their schedule K-1
  • Analyze the Schedule K-1 line-by-line and discuss where the items get reported on the individual’s Federal income tax return and how the items affect the shareholder’s stock and debt basis
  • Look at what relevant information related to the 3.8% net investment income tax needs to be reported to the shareholders
  • S corporation formation issues under IRC §351
  • Tax ramifications and reporting of distributions at the S corporation level including when the S corporation has prior C corporation earnings and profits (E&P)
  • Preparation of the Schedule M-2 and the ordering rules for distributions out of the AAA, OAA, PTI and E&P accounts


Who Should Attend:

Tax professionals who need an in-depth training course on tax preparation issues, basis calculations and distributions rules for S corps and their shareholders.



Prerequisite:
General knowledge in individual and S corporation income taxation.

Advanced Preparation:
None.

Session/Options

If listed below, select the appropriate sessions or options to continue with your purchase.

Registration Status: CLOSED - Online registration for this course is now closed. Please contact the Member Service Center at (800) 342-3197 if you wish to inquire about registering.