S Corporation Checkup: Tax Issues & Forms Reporting
Overview
A detailed analysis of the calculations related to determining a shareholder's tax basis for S corporation shares and loans. How to use the Form 1120S, Schedule K-1 information for basis determination, as well as an update on Schedules K-2 and K-3. An illustrative example demonstrates how the process works, as well as the many potential pitfalls.
*Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com
Delivery Method: Individual webcast
CPE Credit: Taxes
Program Level: Intermediate
Highlights
- Discuss the calculation of basis when the entity is formed including the impact of contributed property
- Explain the importance of shareholder loans to the entity
- Uses a comprehensive example to illustrate the mechanics of the basis determination process
- Schedules K-2 and K-3
- Discuss how basis is impacted by distributions of corporation property
- Explain how basis is impacted by sale/or liquidation of the S corporation interest
- S corporation losses and how they impact Form 1040 Schedule E reporting
- Show how to get from the Schedule K-1 information to the basis calculations
- Comprehensive example to illustrate the mechanics of the basis determination process
Prerequisites
Basic working knowledge of S corporation taxation
Designed For
CPAs working in public accounting firms and/or working for an S corporation
Objectives
- Apply recent legislative development impacting S corporations and their shareholders
- Identify the tax issues related to S corporation owner's basis for shares and loans from formation through operations and concluding with sale and/or liquidation
Preparation
None
Leader(s):
Leader Bios
Steven Dilley, CPA Crossings, LLC
Steve Dilley is President of Federal Tax Workshops, Inc. He is nationally known speaker and author on financial, accounting, and tax problems of the closely held business and individual taxpayers. Steve obtained his undergraduate accounting degree, PhD in accounting, and law degree from the University of Wisconsin-Madison and is a retired Professor of Accounting at Michigan State University. He is a member of the Michigan Association of CPAs, Wisconsin Bar Association, American Accounting Association, AICPA, American Tax Association, and Hawaii Association of Public Accountants.
Non-Member Price $159.00
Member Price $129.00