Virtual
Staff Tax Training: S Corporations (Form 1120S) 2023
Date: Aug. 23 - 24, 2023
Time: 8 a.m. – 3:30 p.m. PT
Overview
This two-day training course provides 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 into real-world case scenarios and preparing and reviewing the IRS tax forms and schedules. Attendees will receive a comprehensive S corporation income tax reference manual that includes practice aids, real-world examples; new Federal income tax forms and programs; and Pat Garverick's Quick Reference Chart. This session is taught using a Hands-On methodology. Real-world examples and cases demonstrate the complex income tax code and regulations to enhance the participant's 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.
Product Code
1000002013-118919
Credit Type
CPE: 16CPE-Technical: 16CTEC-TX: 16IRS-TX: 16MCLE: 14Accessibility
Closed Captioning Available
Intended Audience
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.
NASBA Field of Study
Taxes
Level of Difficulty
Basic
Prerequisites
Basic understanding of individual income taxation.
Advance Preparation
None
Learning Objectives
Major Subjects
- Extensive review of the S corporation tax laws with an emphasis on any new legislative changes Form 1120S (and related schedules) preparation issues
- S corporation formation issues 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 (including the 20% qualified business income (QBI) deduction, 3.8% net investment income tax, business interest deduction limitations, fringe benefits and entertainment expenses)
- 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, PTI, E&P and OAA accounts and look at the 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
Faculty
Additional Details
This course originally aired on 8/23/2023. The instructor will be available via the chat feature to answer questions during the presentation.