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Training for Business Professionals
Who Should Attend?
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.
Area of Study:
Basic understanding of individual income taxation
Staff Tax Training – S Corporations (Form 1120S)
This training course is designed to provide 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 to real world case scenarios and the preparation and/or review of the IRS tax forms and schedules.
Once participants have completed this session they should be able to:
- 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
This session is taught using a Hands-On methodology. Real world examples and cases are used to demonstrate the complex income tax code and regulations to enhance the participants 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. Topics include:
- Detailed coverage of the Tax Cuts & Jobs Act (TCJA) affecting S corporations
- Extensive review of the S corporation tax laws with an emphasis on any newly enacted changes
- S corporation formation issues (including required year ends) 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
- 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, OAA and PTI accounts
- 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