S Corporations: Tax Returns - Advanced ON DEMAND
Available Until
Your Desk
4.0 Credits
Member Price $391.00
Non-Member Price $450.00
Overview
In the dynamic field of S corporation taxation, professionals face the challenge of understanding complex scenarios that span multiple tax years, involving losses, gains, and various shareholder interests. This CPE class offers a comprehensive exploration of these challenges through a practical two-year case study. The first part of the study delves into a year of losses, highlighting the treatment on the corporation and each shareholder, and detailing the preparation of crucial tax forms and schedules for 2021. The second part shifts to a year of income, demonstrating how previous losses can be offset, and includes the complexities of acquiring another S corporation. This hands-on approach provides participants with deep insights into preparing and understanding forms such as Form 1120-S and shareholder Form 7203, calculating stock and debt basis limitations, and managing built-in gains tax. By the end of this online CPE course, participants will be adept at handling a range of S corporation tax situations, enhancing their capability to advise clients and manage corporate tax responsibilities effectively.
Highlights
The dynamic field of S corporation taxation.
Prerequisites
None.
Designed For
CPAs.
Objectives
Prepare Form 2553, which is the only acceptable method to elect S corporation status. Apply current rules to Form 1120-S, its attached schedules and the information the corporation must provide the shareholders, including Schedule K-2 and Schedule K-3. Calculate the corporate election to close the books on a substantial disposition, and a shareholder election regarding the ordering of deductible and nondeductible items in a loss year. Calculate the effects of the business interest limitation on the loss passed through to the shareholders. Prepare other forms and schedules, including Form 1120-S, Schedule D and Schedule M-3, Forms 4797, 8949, 8824 and 8990. Determine stock and debt basis limitations applicable to shareholders. Calculate the shareholder basis information on Form 7203, including income, losses and carryovers, and more.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Robert Jamison
Robert W. Jamison, CPA, PhD, is Professor Emeritus of Accounting at Indiana University, Purdue University, Indianapolis (IUPUI). His principal area of specialization is S Corporations. He is the author of S Corporation Taxation, and co-author of Multistate Tax Guide to Pass Through Entities, both of which are published annually by CCH, a Wolters Kluwer business. His articles have appeared in various publications including: Practical Tax Strategies, Journal of Passthrough Entities, The Tax Adviser, Journal of S Corporation Taxation, and The Journal of Accountancy. Professor Jamison has taught many professional education programs for national and local accounting firms and has developed material used in their continuing education programs. He has been a lecturer in AICPA programs and has authored several AICPA tax courses. He is a chapter author in the Van-Griner Taxation Series of textbooks. He is a regular contributor to the Land Grant University Tax Education Foundation, Inc. National Income Tax Workbook. He presents advanced and update S Corporation seminars for various states’ CPA societies and to other professional organizations.
Non-Member Price $450.00
Member Price $391.00