S Corporation Taxation: Comprehensive-Form 1120S

Description

Obtain a comprehensive review of the laws and regulations impacting S corporations. Be updated on the IRS' compliance campaign that targets the improper reporting and calculations of stock basis and distributions. Learn how to properly calculate and then report critical S corporation tax items that generate most IRS audit adjustments. Course topics cover issues such as S corporation qualifications, making and keeping the S election, reasonable compensation, taxation of distributions, the use of Qualified Subchapter S Subsidiaries, allocation of annual operating income and loss, S corporation tax reporting elections and learning the proper method to calculate the basis of stock and debt amounts.

Highlights

• Discuss all new legislative, administrative, and judicial changes affecting S corporation and shareholders.
• Learn how to qualify and to make the S corporation election.
• Learn the qualifications for S corporation stock ownership.
• Understand how to calculate initial and annual stock and debt basis amounts and the three reasons why they are maintained.
• Understand the four loss limitation rules applied on the shareholder's individual income tax return (i.e., basis, at-risk, passive, and excess business loss limitations).
• Understand the proper tax treatment and reporting of a distribution from the S corporation to a shareholder.
• Learn how to calculate the three S corporation taxes.
• Learn how to calculate AAA and OAA account for an S corporation.
• Determine the impact of health insurance, the net investment income tax, qualified business income tax deduction and unreasonable compensation issues on the reporting function of the S corporation.

Objectives

• List critical spreadsheet design fundamentals
• Identify techniques used to minimize data input errors
• Utilize Excel's Table feature as a foundational component of spreadsheets
• Identify and implement three different techniques for consolidating data
• Utilize various Excel features, such as Go To Special to solve specific spreadsheet issues
• List and apply four techniques for sharing an Excel workbook and collaborating with others
• Implement various techniques for auditing and error-checking Excel workbooks, including Trace Precedents, Trace Dependents, and Formula Auditing
• Identify the advantages of working with Defined Names in Excel
• List and apply six techniques for securing Excel data

Designed For

Tax professionals.