Attendance is required for CE creditThis is a Group Internet Based program. Credit releases only after verified attendance for the full session duration.
This case-driven online continuing education course is designed to quickly bring both new and experienced accountants up to speed on the most critical, real-world aspects of S corporation taxation. Rather than focusing solely on theory, the course walks you through the preparation of a complete Form 1120S using a reasonably complex, realistic trial balance similar to those seen in closely held S corporations.
This course is appropriate for all levels of staff, including tax preparers, managers, CPAs, enrolled agents, and public accounting firm personnel. The emphasis throughout is on building confidence in end-to-end return preparation and in spotting issues before they become costly errors.
Major topics covered
S Corporation Election Requirements.
Shareholder Basis Calculation Rules.
Distribution and Liquidation Treatment.
Loss Limitation Rules.
Form 1120S Tax Return Preparation.
Accounting Period Options and Compliance Considerations.
After completing this session you will be able to:
01Review and apply S corporation election requirements and termination conditions, including common traps that can inadvertently revoke S status.
02Identify and compute shareholder stock and debt basis using current IRS guidance and Form 7203.
03Explain S corporation distribution rules and liquidation procedures, including how basis and earnings and profits affect treatment.
04Apply tax return filing rules for accurate and timely Form 1120S compliance, including required schedules and supporting documentation.
05Analyze S corporation accounting period options and related tax implications.
06Recognize and avoid common pitfalls in maintaining S corporation status.
Topics covered in this session:
S corporation eligibility, election mechanics and Form 2553 filing deadlines
Inadvertent termination events and the relief procedures available under Rev. Proc. 2022-19
Shareholder stock and debt basis ordering rules, with Form 7203 worked examples
Distributions, AAA and accumulated earnings and profits interaction
Built-in gains tax and the five-year recognition period
Reasonable compensation for shareholder-employees and the current audit posture
Fringe benefits and health insurance reporting for more-than-2% shareholders
Form 1120S schedules K, K-1, K-2 and K-3 preparation walkthrough
Accounting period and method elections, including short-year returns
Liquidations, redemptions and final-year return mechanics
Pat began his career in public accounting in 1988 after earning a BSBA in Accounting from The Ohio State University, and completed a Master of Taxation at Arizona State University in 1992.…