4.00 CPE Credit Hours
The complexity of S corporation tax law creates a formidable challenge to the tax practitioner for accurate compliance and reporting of their client's S corporation activities. Join us as we discuss the common errors practitioners make on S corporation tax returns that are often missed by review staff. The intent is to sharpen skills for reviewers by examining case studies and discussing issues where additional information from the client may be warranted and areas of tax law where proper treatment requires additional analysis and information. Multiple issues will be discussed including income, deductions, K-1 reporting, and K-2 and K-3 reporting. This course follows a highly illustrative case study format to increase participant comprehension and retention.
Designed For
CPAs working with clients requiring expertise in S corporation taxation for the current tax season
Objective
When you complete this course, you will be able to:
- Identify common mistakes made on S corporation tax returns.
- Determine strategies to avoid making mistakes on S corporation tax returns.
- Determine how transfers to corporations in exchange for stock can be nontaxable under IRC Section 351.
- Calculate the balance in an accumulated adjustments account and enter that calculation on Form 1120S, Schedule M-2.
- Determine how capital gains and losses are disclosed on Form 1120S.
- Identify and properly report cost recovery deductions on Form 1120S and the associated Schedule K-1s issued to shareholders.
- Determine the tax consequences when a newly converted S corporation sells appreciated property it acquired while operating as a C corporation.
- Determine the tax consequences associated with the distribution of appreciated property by an S corporation to a shareholder in redemption of stock.
Highlights
Common errors made involving the following tax forms:
- Form 1120-S
- Schedule K-1
- Schedule L
- Schedules M-1 and M-2
- Form 4562
- Form 4797
Prerequisites
Basic knowledge of S corporation income taxation
Advanced Preparation
None
Developer
AICPA
Presenters
Greg Carnes,
Level of Knowledge
Intermediate
Course Location
Online (MW)
123 Online Lane
Online, IN 00000
Member
$175.00
Late
Registration *
$200.00
Non-Member
$225.00
Late
Registration *
$250.00
* If postmarked after 12/5/2024
AICPA Members
Receive a $30 Discount on AICPA Courses!