S Corporations: Tax Returns - Basic ON DEMAND
Available Until
Your Desk
2.0 Credits
Member Price $351.00
Non-Member Price $404.00
Overview
Before this CPE course, tax preparers new to S corporations or those seeking to update their knowledge may find themselves overwhelmed by the specific requirements and complexities of S corporation taxation. Understanding how to file the correct forms, calculate shareholder basis, and handle loss carryovers can be challenging, leading to potential errors and oversights in tax preparation. After participating in this course, tax preparers will experience a significant shift in their understanding and capabilities regarding S corporation taxation. The course bridges the gap between limited knowledge and a comprehensive understanding of the necessary forms and regulations. Participants will learn how to accurately prepare Form 2553 for S corporation status election and master the intricacies of Form 1120-S and its schedules, including the new Schedule K-2 and K-3. They will also become adept at calculating and reporting shareholder basis information on Form 7203 and understand the implications of loss carryovers in subsequent income years. This newfound knowledge and practical experience will enable tax preparers to confidently handle S corporation tax matters, improving the accuracy and efficiency of their tax preparation services and enhancing their value to clients who own shares in S corporations.
Highlights
Schedule K-2. Form 1116. Foreign tax credit. Schedule K-3. Schedule K-2. Schedule K-1.
Prerequisites
None.
Designed For
CPAs, EAs, CRTPs, and other tax professionals.
Objectives
Identify the forms needed to elect S corporation status and file returns as S corporations. 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. Determine stock and debt basis limitations applicable to shareholders. Calculate the shareholder basis information on Form 7203, including income, loses and carryovers. Understand the effects of loss carryovers on shareholders in a subsequent income year.
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 $404.00
Member Price $351.00