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S Corp. Basis Reconciliation and Reporting Shareholder Transactions (LIVESTREAM) (LITX21/22)

Event Description

Maintaining and reconciling Shareholder basis in an S corporation can be challenging. Transactions can affect basis, something called ‘triple A’, retained earnings, ‘other adjustments’, and expenses deductible for tax purposes, but not for book and vice-versa. This course sorts all those terms out, tells you how they are calculated, how they affect a shareholder’s basis, and where to report them in the tax returns of both corporation and shareholder.

Enrolled Agent Approved

Designed For

Any CPA, Attorney, Enrolled Agent, or Public Accountant who prepared federal income tax returns for S corporations and their shareholders.

Objectives

Recognize effect of non-taxable item on shareholder basis Calculate effect on basis of corporation’s debt and repayment   Maintain a schedule of S shareholder basis – carryforward  Understand adjustments to basis when debt to shareholder if repaid or shares are redeemed

Major Subjects

Accounting for S corporation shareholder basis Maintaining AAA account and shareholder basis worksheets. Accounting for the effect of loans and investment in shares by an S shareholder. Accounting and reporting payments of corporation debts by shareholder.