S Corporation (Form 1120S) - Formation to Liquidation
Overview
With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a S corporation course focusing on the birth, growth, maturity, and death of a closely held S corporation. This case driven course will deal with S corporation income tax laws from formation to liquidation.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com
Highlights
- Extensive review of the S corporation tax laws with an emphasis on any new legislative changes
- Requirements to make an S election (i.e., types and numbers of shareholders and second class of stock issues)
- Fixing late S corporation elections (i.e., Form 2553)
- S corporation formation (§351) and liquidation issues
- Revocation and termination of S corporations
- Schedule K and K-1 – separately stated versus non-separately stated income and expense items
- Detailed Schedule K-1 reporting including the 20% qualified business income (QBI) deduction and 3.8% net investment income tax
- Compensation issues including the tax treatment of fringe benefits
- Built in gains tax and other planning opportunities when converting a C to S corporation
- Preparation of the Schedule M-2 and the ordering rules for distributions out of the AAA, PTI, E&P and OAA accounts
- Tax treatment of stock redemptions (sale or distribution?)
Prerequisites
Background in S corporation and individual income tax law
Designed For
Tax professionals (in public or private industry) seeking a case driven income tax return course addressing many common, yet complex Federal S corporation issues and problems
Objectives
- Form a S corporation and calculate the entity’s initial inside basis in the assets and shareholder’s stock basis
- Understand the operational issues during the growth and maturity of a S corporation and how the schedule K items get allocated to the shareholders on their individual Schedule K-1 effecting stock and debt basis
- Prepare a Schedule M-2 and determine how distributions are treated to the shareholders
- Comprehend the tax ramifications of liquidating a S corporation and the sale versus redemption of a shareholder’s stock
Preparation
Background in individual and business income tax law
Notice
This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by Accounting Continuing Professional Education Network (ACPEN).
Leader(s):
Leader Bios
J Garverick, The Tax U
Patrick Garverick is an award winning and nationally recognized discussion leader as well as a self-employed tax and financial planner. He has over 16 years of experience specializing in taxation of individuals and closely held family businesses. Since 1992, Patrick has also been serving as a discussion leader, technical writer and reviewer of course materials for a variety of tax and financial seminar companies. He consistently receives outstanding evaluations as a discussion leader and has earned numerous perfect scores for knowledge and presentation skills. Patrick earned his Bachelor of Science in Business Administration in Accounting from The Ohio State University and has a Master of Taxation degree from Arizona State University. 12/05
Non-Member Price $400.00
Member Price $300.00