Webcast: Hands-On Tax Return Workshop - S Corporations (Form 1120S)

Highlights

This session is taught using a Hands-On methodology. Using a comprehensive trial balance, the participant will walk through the steps to prepare a complete and accurate Form 1120S (and related schedules). Each participant will receive a comprehensive S corporation income tax reference manual that includes numerous practice aids, real world examples, new Federal income tax forms and schedules, and Pat Garverick's Quick Reference Chart. Topics include:

• Extensive review of the S corporation income tax laws with an emphasis on any new legislative
• Schedule K analysis- determine if income statement items are separately (i.e. schedule K) or non-separately stated income and expense items
• Discuss how schedule K items get allocated to shareholders on their schedule K-1s
• Look at detailed Schedule K-1 information reporting to shareholders needed for the qualified business income (QBI) deduction, 3.8 percent net investment income tax and business interest expense limitations
• Talk about the unreasonably low officer compensation issues
• Learn the special tax treatment of fringe benefits paid to 2 percent shareholders and family members
• Schedule M-1 -calculate the reconciliation of income or loss per books with income or loss per income tax return
• Schedule M-2 - detailed step-by-step calculation of the AAA, PTI, EandP and OAA accounts
• Basic overview of the tax treatment of distributions including when a S corporation has prior C corporation earnings and profits (EandP)
• Review the importance and basics of calculating a shareholder's stock and debt basis
• Basic overview of the potential S corporation built in gains tax from the conversion of a C to S corporation