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Surgent's Tax Forms Boot Camp: S Corporations (TBCS)
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This course guides new, rusty, or returning-to-practice accountants and staff with a detailed study of the key fundamentals of S corporation rules from formation through distributions. Through use of numerous cases and examples (both simple and complicated), participants also learn how S corporation income and expenses flow into the shareholders returns. Certain worksheets and a 6-step process to accurately complete Form 1120S and related sub-schedules are included.

 Export to Your Calendar 12/7/2016
When: Wednesday, December 7, 2016
7:00 AM - 3:00 PM
Where: Webinar/Webcast
United States
Contact: April Deneault
801-466-8022


Online registration is available until: 12/7/2016
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Acronym TBCS
CPE 8 hours
Category
Taxes
Level Basic
Vendor Surgent
Who should attend

CPAs needing a comprehensive understanding of the key elements in proper preparation of S corporation tax returns, and those in need of a refresher in S corporation tax laws

Prerequisite
None
Fees: Early Bird
Standard
Member N/A
$219
Non-Member: N/A
$269

The Member rate applies to UACPA members and reciprocal state society members. To register online, use the ‘Register’ button above. To register by phone, call the UACPA at 801.466.8022, Monday through Friday, 8am to 4pm.

Description:
Many clients use the S corporation form of doing business, and the S corporation return is a 'bread and butter' part of tax preparation practice. This course guides new, rusty, or returning-to-practice accountants and staff with a detailed study of the key fundamentals of S corporation rules from formation through distributions. Through use of numerous cases and examples (both simple and complicated), participants also learn how S corporation income and expenses flow into the shareholders returns. Certain worksheets and a 6-step process to accurately complete Form 1120S and related sub-schedules are included.

Major Topics:

  • Complete coverage of any new legislation enacted before presentation
  • Understand key operational issues of separately stated versus non-separately stated income and expenses, and the importance of Schedule M-1
  • Accurately account for basis, AAA, and distributions
  • Identify, plan for, and properly report any S-level built-in-gain or passive income tax liability
  • Learn about properly preparing and allocating items to the K-1 schedule
  • Key operational issues from election to liquidation

Objectives:

  • Identify eligible shareholders, the requirements to make a timely or late election, and the techniques to avoid termination
  • Apportion S corporation items to Schedule K-1 for the shareholders
  • Calculate AAA and stock basis and understand their importance to the taxation of distributions and the deductibility of losses 
  • Be familiar with the results of the case studies that reinforce key learning points

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