Vermont Society of Certified Public Accountants
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Courses

Tax Forms Boot Camp: S Corporations (TBCS)

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Member Price: $219.00
Non-Member Price: $299.00

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Date/Time:
Dec 7, 2017, 9:00am–5:00pm
Developer:
SURGENT MCCOY SELF-STUDY CPE, LLC
CPE Credits:
8.00
Field of Study:
Taxes
Level:
Basic
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.

Objective

  • 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

Highlights

  • Complete coverage of any new legislation enacted before presentation
  • 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

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

Prerequisite

None

Advanced Preparation

None
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