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S-Corp Balance Sheet (M-1,M-2)

Duration: 100 minutes
Course Level: Intermediate
Prerequisite: Basic knowledge of S corporation taxation
Advanced Preparation: None
Delivery Method: Self-Study 
 
CPE Credits Designation Field of Study
IRS * 2 EA Federal Tax Law Topic
NASBA 0 CPA N/A
CTEC 2 CRTP Federal Tax Law Topic
CFP Board 2 CFP® Income Tax Planning

* NATP will report CPE credits to the IRS for all PTIN holders. CPE is currently not mandatory for RTRPs or RTRP candidates and any option to register or participate in this program is strictly voluntary.

Fees: $49 for Members and $60 for Nonmembers
 
Summary
Form 1120S, page 4 presents its own set of challenges to even the seasoned tax professional. There is a common misconception that the retained earnings account is the same as the accumulated adjustments account (AAA). Find out why this is not the case and how to be sure you are computing each correctly. Also learn the differences between AAA, other adjustments account (OAA) and previously taxed income (PTI). Identify the common differences between book and tax income and how to properly complete Schedule M-1. We will also cover how to complete the balance sheet and report the equity accounts following a conversion from a C to an S corporation. If you want to get a better handle on preparing S corporation returns, this is the on-demand webinar for you!
 
Objectives
Upon completion of this on-demand webinar, you will be able to:
  • Distinguish between retained earnings and AAA
  • Identify common differences between income for book and tax purposes
  • Compute the AAA, OAA and PTI balances
  • Determine the impact of a C to S corporation conversion on the balance sheet and equity accounts

Presenter: Steven (Steve) O'Rourke, EA

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