Comprehensive S Corporation Taxation Form 1120S 2024

Tuesday, December 10, 2024
Webcast or Webinar, Online
11:00AM - 6:30 PM (opens at 10:30AM) EST
8Credits

Registration is Open

Members
$299.00 Regular Price
Non-Members
$399.00 Regular Price

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$160.00 Members / $224.00 Non-Members
Course Type: Webcast
Course Code: 24/9126137
Level: Intermediate
Vendor: California CPA Education Foundation
Field of Study: Taxes

Overview:

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.

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

Major Topics:

• 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

Major Topics:

• 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

Designed For:

Tax professionals, CPAs, accountants, and other financial professionals looking to expand and update their understanding and knowledge.

Prerequisites:

General knowledge in individual and S corporation income taxation.