Webcast: S Corporation (Form 1120S) - Formation to Liquidation
253 | Webcast | Intermediate | Scheduled
Description
With the increasing complexity and ever-changing nature of tax laws and issues, today's accountant needs an 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.
Credits
| Number of Credits | Type of Credits |
|---|---|
| 8.00 | Taxes |
| 6.75 | CLE |
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
Prerequisites
Background in S corporation and individual income tax law
Highlights
This class will review S corporation tax law by looking at case studies addressing issues and problems at both the S corporation and shareholder level. Each attendee will receive the most comprehensive reference manual, with numerous practice aids and real-world examples and case studies.
Topics include but are not limited to:
- Extensive review of the S corporation tax laws, with an emphasis on any new legislative changes, including any TCJA provisions expiring after 2025
- 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?)
Objectives
Once participants have completed this session, they should be able to:
- Form an 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 an S corporation and how the Schedule K items get allocated to the shareholders on their individual Schedule K-1, affecting stock and debt basis
- Prepare a Schedule M-2 and determine how distributions are treated to the shareholders
- Comprehend the tax ramifications of liquidating an S corporation and the sale versus redemption of a shareholder's stock
Prices
- Member (Early Bird)
- $289.00
- Non-Member (Early Bird)
- $409.00
- Member
- $289.00
- Non-Member
- $409.00
Instructors
J. Patrick Garverick, CPA, MT, CFP
Pat Garverick is a Certified Public Accountant who currently lives in the Phoenix, Arizona area. He began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country.
In addition to being a CPA, Pat is also a Certified Financial Planner (CFP®). This role serves to enhance the knowledge he brings as he writes and presents continuing education material. Mr. Garverick is a member of the Arizona Society of Certified Public Accountants, and the American Institute of Certified Public Accountants. Pat has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. His knowledge, expertise, and high energy have made him one of the profession's most highly rated speakers. He is in a very small group of instructors that are both extremely knowledgeable and interesting.
During his time in college Pat earned a letter as a member of the Ohio State Basketball squad. He remains a stanch supporter of the sports programs at his alma mater.
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