Virtual

S Corporation Taxation: Comprehensive—Form 1120S 2023

Date: Dec. 22, 2023

Time: 8 a.m. – 3:30 p.m. PT

CPE: 8

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 correctly calculate and report critical S corporation tax items that generate most IRS audit adjustments.

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
1000001670-118569
Credit Type
CPE: 8
CPE-Technical: 8
CTEC-TX: 8
IRS-TX: 8
MCLE: 6.5
MCLE LS-TX: 6.5
Accessibility
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

Identify how to form a qualified entity and elect S corporation status

Determine how to properly allocate income and loss items to shareholders on their individual Schedule K-1

Calculate an S corporations’ initial basis in its assets as well as a shareholder's stock and debt basis in the S corporation

Recognize three main reasons for calculating a shareholder's basis in an S corporation and how to make annual adjustments to a shareholders’ stock and debt basis

Calculate AAA and OAA account for an S corporation under various scenarios

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

Faculty

Troy K. Lewis

Troy Lewis is the Past Chair of the Tax Executive Committee of the American Institute of CPAs (AICPA) in Washington, DC. In this role, he has testified six times before the United States Senate Finance Committee and the House Committee on Small Business. Lewis has been active with the AICPA and the Utah Association of CPAs, for over two decades serving in key leadership positions including the President of the UACPA. Lewis currently teaches...

More about Troy K. Lewis

Additional Details

This course was recorded on 3/30/2023. The instructor will be available via the chat feature to answer questions during the presentation.

S Corporation Taxation: Comprehensive—Form 1120S 2023

Member

Nonmember

Overview

Product Code

Credit Type

Accessibility

Intended Audience

NASBA Field of Study

Level of Difficulty

Prerequisites

Advance Preparation

Learning Objectives

Major Subjects

Faculty

Additional Details