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S Corporation Preparation, Basis Calculations & Distributions: Schedule K & K1 (Form 1120S) 4171622B
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This comprehensive training course will get you up to speed quickly with S corp formation and preparation issues and calculating a shareholder's stock and debt basis. We'll take a line-by-line analysis of the Form 1120S Schedule K and K-1 and how these items affect the shareholder federal individual income tax return. Each attendee will receive a comprehensive reference manual with numerous practice aids and real-world examples and case studies.

 Export to Your Calendar 12/7/2017
When: 9:30 AM to 5:00 PM
Where: Webinar/Webcast
United States
Presenter: Mark Vanden Berge
Contact: April Deneault
801-466-10682


Online registration is available until: 12/7/2017
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Curriculums:   Business and Corporate Taxation,Individual Tax Planning and Return Preparation,Financial Leadership Forum

NASBA Credit Category:  Taxes

CPE Hours:  8

Description

This comprehensive training course will get you up to speed quickly with S corp formation and preparation issues and calculating a shareholder's stock and debt basis. We'll take a line-by-line analysis of the Form 1120S Schedule K and K-1 and how these items affect the shareholder’s federal individual income tax return. Each attendee will receive a comprehensive reference manual with numerous practice aids and real-world examples and case studies.



Major Subjects

  • Emphasize any new legislative changes affecting S corporation and shareholders
  • Review the Form 1120S and discuss how items get reported on the S corporation tax return (i.e., page 1 versus Schedule K) and flow-thru to the shareholders on their schedule K-1
  • Analyze the Schedule K-1 line-by-line and discuss where the items get reported on the individual’s Federal income tax return and how the items affect the shareholder’s stock and debt basis
  • Look at what relevant information related to the 3.8% net investment income tax needs to be reported to the shareholders
  • S corporation formation issues under IRC §351
  • Tax ramifications and reporting of distributions at the S corporation level including when the S corporation has prior C corporation earnings and profits (E&P)
  • Preparation of the Schedule M-2 and the ordering rules for distributions out of the AAA, OAA, PTI and E&P accounts

Objectives

  • Identify how to form an S corp and calculate its initial inside basis in the assets and shareholder's stock and debt basis.
  • Show how to prepare a basic S corp (Form 1120S) Schedule K and Schedule M-2, including the reporting of cash and non-cash distributions.
  • Determine how Schedule K items get allocated to the shareholders on their individual Schedule K-1.
  • Recognize three main reasons for calculating a shareholder's basis in a S corp.
  • Calculate a shareholder's stock and debt and determine if losses and deductions are limited on their individual income tax return.

Level:  Intermediate

Designed For

Tax professionals who need an in-depth training course on tax preparation issues, basis calculations and distributions rules for S corps and their shareholders.

Advanced Prep:

None.

Prerequisite

General knowledge in individual and S corporation income taxation.

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