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Overview

4.0 Credits
ONLINE

The complexity of S corporation tax law creates a formidable challenge for the tax practitioner to accurately comply with and report their client's S corporation activities. Discuss the common errors practitioners make on S corporation tax returns that are often missed by review staff. The intent is to sharpen the skills of reviewers by examining case studies and discussing issues where additional information from the client may be warranted and areas of tax law where proper treatment requires further analysis and information. Multiple issues will be addressed, including income, deductions, K-1 reporting, and K-2 and K-3 reporting. This course follows a highly illustrative case study format to increase participant comprehension and retention.

Objectives

  • Identify common mistakes made on S corporation tax returns.
  • Determine strategies to avoid making mistakes on S corporation tax returns. - Determine how transfers to corporations in exchange for stock can be nontaxable under IRC Section 351.
  • Calculate the balance in an accumulated adjustments account and enter that calculation on Form 1120S, Schedule M-2.
  • Determine how capital gains and losses are disclosed on Form 1120S.
  • Identify and properly report cost recovery deductions on Form 1120S and the associated Schedule K-1s issued to shareholders.
  • Determine the tax consequences when a newly converted S corporation sells appreciated property it acquired while operating as a
  • C corporation.
  • Determine the tax consequences associated with the distribution of appreciated property by an S corporation to a shareholder in
  • redemption of stock.

Major Topics

• Form 1120-S
• Schedule K-1
• Schedule L
• Schedules M-1 and M-2
• Form 4562
• Form 4797

 

Prerequisite

Basic knowledge of S corporation income taxation

Sessions

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Wednesday, November 20, 2024

General Sessions
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