Webcast: S Corp Preparation, Basis Calculations and Distributions - Form 1120S Schedule K and K-1 Analysis
332 | Webcast | Intermediate | Scheduled
Description
This comprehensive training is designed to get the accountant up to speed quickly with S corporation formation and preparation issues as well as a complete understanding of calculating a shareholder's stock and debt basis. The cornerstone of this course is the in-depth 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.
Credits
| Number of Credits | Type of Credits |
|---|---|
| 8.00 | Taxes |
| 6.75 | CLE |
Designed For
Tax professionals who need an in-depth training course on tax preparation issues, basis calculations and distributions rules for S corporations and their shareholders
Prerequisites
Background in S corporation and individual income tax law
Highlights
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 legislation, including any TCJA provisions expiring after 2025
- Reviewing the Form 1120S and discussion of how items get reported on the S corporation tax return (i.e., page 1 versus Schedule K) and flow through to the shareholders on their Schedule K-1
- Analyzing the Schedule K-1 line-by-line and discussion of 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
- Looking at detailed Schedule K-1 information reporting to shareholders needed for the qualified business income (QBI) deduction, 3.8% net investment income tax and business interest expense limitations
- 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, PTI, E&P and OAA accounts
Objectives
Once participants have completed this session, they should be able to:
- Form an S corporation and calculate the corporation's initial inside basis in the assets and shareholder's stock and debt basis
- Prepare a basic S corporation (Form 1120S) Schedule K and Schedule M-2, including the reporting of cash and non-cash distributions
- Understand how the Schedule K items get allocated to the shareholders on their individual Schedule K-1
- List the three main reasons for calculating a shareholder's basis in an S corporation
- Calculate a shareholder's stock and debt basis and determine if losses and deductions are limited on their individual income tax return
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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