Comprehensive S Corporation Taxation Form 1120S 2024

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  • Date/Time
    • Jan 24, 2025
    • Sign In: 8:30am (MT)
    • Program: 9:00am - 4:30pm (MT)
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  • Location
    • Your Computer
      Your Space
      ISCPA / CalCPE Webinar, ID 00000
  • Credits
    • 8.00
  • Credit Type(s)
    • Taxes (Technical) (8.00)
  • Prerequisites
    • General knowledge in individual and S corporation income taxation.

  • Vendor
    • California CPA Education Foundation
  • Level
    • Intermediate
  • Fields of Study
    • Taxes

Description

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.

  • Presenters - Troy K. Lewis
  • Designed For

    Designed For: Tax professionals, CPAs, accountants, and other financial professionals looking to expand and update their understanding and knowledge.
  • Role Level - Manager/Senior Manager; Director; Sole Practitioner
  • 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

    Highlights

    • 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

    Advanced Prep

    None

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    Leaders

    CALCPE Panel

    No Biography Available

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