Intermediate S Corporations
Day Two - $217 for Members and $259 for Nonmembers
Both Days - $394 for Members and $478 for Nonmembers
Learning the complex area of S corporation taxation is a great way to enhance the services you provide to clients and expand your business. With our two-day workshops, Preparing S Corporation Returns and Intermediate S Corporations, you’ll learn the ins and outs of S corp taxation and walk through the actual preparation of Form 1120S in an illustrative example starting with a trial balance.
This hands-on course is ideal for tax professionals who have prepared S corporation returns and are looking to improve their skills to better assist clients with their continuing needs. In order to become more proficient in S corporations, it is imperative to know more than how to prepare Form 1120S. Topics covered include reasonable compensation, built-in-gains tax, distributions, shareholder basis, shareholder loss limitations, ownership changes, and liquidation issues.
Upon completion of this course, you will be able to:
- Determine if an S corporation is paying a reasonable salary to its shareholder-employees.
- Identify corporations subject to built-in gains tax.
- Compute and report the built-in gains tax.
- Compute the shareholder’s stock basis in the S corporation.
- Determine the timing and ordering rules for basis adjustments.
- Summarize how distributions from an S corporation are taxed.
- Report the repayment of reduced-basis debt.
- Compare and contrast AAA, stock basis, and retained earnings.
- Report the sale of stock of an S corporation.
- Predict how income and losses are allocated when there is an ownership change.
- Identify an inadvertent termination of the S election and summarize how to fix it.
- Prepare Form 1120S in its liquidation year.
- Report expenses that are incurred post-liquidation.
Our instructor and researchers will answer your questions during the presentation. This workshop also includes e-book and access to the recorded version.
Kathryn Keane, EA