Surgent’s Tax Forms Boot Camp: S Corporations (TBCS) (SSTX104/19)

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Event Description

Many clients use the S corporation form of doing business, and the S corporation return is a ‘bread and butter’ part of tax preparation practice. This course guides new, rusty, or returning-to-practice accountants and staff with a detailed study of the key fundamentals of S corporation rules from formation through distributions. Through use of numerous cases and examples (both simple and complicated), participants also learn how S corporation income and expenses flow into the shareholders returns. Certain worksheets and a 6-step process to accurately complete Form 1120S and related sub-schedules are included.

Designed For

CPAs needing a comprehensive understanding of the key elements in proper preparation of S corporation tax returns, and those in need of a refresher in S corporation tax laws

Objectives

  • Identify eligible shareholders, the requirements to make a timely or late election, and the techniques to avoid termination
  • Apportion S corporation items to Schedule K-1 for the shareholders
  • Calculate AAA and stock basis and understand their importance to the taxation of distributions and the deductibility of losses
  • Be familiar with the results of the case studies that reinforce key learning points

Major Subjects

  • Complete coverage of any changes related to tax reform
  • Understand key operational issues of separately stated versus non-separately stated income and expenses, and the importance of Schedule M-1
  • Accurately account for basis, AAA, and distributions
  • Identify, plan for, and properly report any S-level built-in-gain or passive income tax liability
  • Learn about properly preparing and allocating items to the K-1 schedule
  • Key operational issues from election to liquidation

Prerequisites

None

Instructions

When you purchase a Surgent CPE on-demand course, it must be taken by June 30, 2019, to receive credit.
Within 5 minutes after your purchase, you will receive an email from info@surgent.com that explains how to access your course and materials.
Once you complete a course, please allow up to 30 days to receive you certificate of completion.
If you have further questions, please email info@surgent.com or call 800.778-7436. Their help lines are staffed Monday-Friday from 8:30 am to 5 pm Eastern Time.