Virtual
Comprehensive S Corporation Taxation Form 1120S 2024
Date: Dec. 10, 2024
Time: 8 a.m. – 3:30 p.m. PT
Overview
This course comprehensively reviews the laws and regulations impacting S corporations. Get updated on the IRS' compliance campaign that targets the improper reporting and calculations of stock basis and distributions. Learn to calculate and report critical S corporation tax items that generate most IRS audit adjustments correctly.
Topics cover issues include S corporation qualifications, making and keeping the S election, reasonable compensation, taxation of distributions, the use of Qualified Subchapter S Subsidiaries, allocation of annual operating income and loss, tax reporting elections and learning the proper method to calculate the basis of stock and debt amounts.
Product Code
1000002889-126137
Credit Type
CPE: 8CPE-Technical: 8CTEC-TX: 8IRS-TX: 8MCLE: 6.5MCLE LS-TX: 6.5Accessibility
Closed Captioning Available
Intended Audience
Tax professionals, CPAs, accountants, and other financial professionals looking to expand and update their understanding and knowledge.
NASBA Field of Study
Taxes
Level of Difficulty
Intermediate
Prerequisites
General knowledge in individual and S corporation income taxation.
Advance Preparation
None.
Learning Objectives
Major Subjects
- Learn how to qualify and to make the S corporation election
- Determine how to calculate initial and annual stock and debt basis amounts and the three reasons why they are maintained
- Understand the four loss limitation rules applied on the shareholder’s individual income tax return (i.e., basis, at-risk, passive, and excess business loss limitations)
- Understand the proper tax treatment and reporting of a distribution from the S corporation to a shareholder
- Determine how to calculate AAA and OAA account for an S corporation as well as the 3 potential taxes
- Determine the impact of health insurance, the net investment income tax, qualified business income tax deduction and unreasonable compensation issues on the reporting function of the S corporation
Other Dates
Faculty
Additional Details
This is a pre-recorded broadcast. The Instructor will be available to answer questions via the chat feature.