S Corporation (Form 1120S) Tax Return Review & Case Study

© Phoenix Beach, LLC 

Training for Business Professionals

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

Area of Study:


8 hours

Background in S corporation and individual income tax law​

Advance Preparation:

Group Live or Internet Based

With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a S corporation course focusing on the hottest tax topics and most frequently encountered issues.  This case driven course will deal with both S corporation and shareholder developments addressing the most common, yet complex Federal S corporation issues and problems. 

Learning Objectives:
Once participants have completed this session, they should be able to:

• Form and liquidate an S corporation and determine any tax ramifications to the corporation and shareholders

• Calculate the corporation’s initial inside basis in the assets and shareholder’s stock and debt basis

• Understand how the schedule K items get allocated to the shareholders on their individual Schedule K-1 and the effect on a shareholder’s stock and debt basis

• Prepare a Schedule M-2 and determine how distributions are treated to the shareholders

Course Highlights:
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 (SECURE & CURES Act) including the Tax Cuts & Jobs Act (TCJA) new 20% qualified business income (QBI) deduction and changes to the interest deduction, fringe benefits and entertainment expenses 

• 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 (§351) and liquidation issues

• Revocation and termination of S corporations

• Schedule K and K-1 – separately & non-separately stated income and expense items

• 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?) 

• Overview of a shareholder stock and debt basis and deductibility of losses