S Corporation Checkup: Key Tax Issues & Forms Reporting
Total Credits: 4 including 4 Taxes - Technical
- Average Rating:
- 33
- Categories:
- ACPEN Tax Institute | Tax | IRS Approved
- Speaker:
- Steven C. Dilley, CPA, JD, PhD
- Course Levels:
- Intermediate
- Duration:
- 4 Hours
Description
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 leighanne.conroy@acpen.com.
Basic Course Information
Major Subjects- 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
- Schedules K-2 and K-3
- 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
Learning 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
Course Materials
| IMPORTANT_CPE Credit Instructions_Read Before Webcast_Updated_10_16_21 (442.7 KB) | Available after Purchase | ||
| IRS CE Credit Request Form (137 KB) | Available after Purchase | ||
| S Corporation Checkup: Key Tax Issues & Forms Reporting Handout (8.7 MB) | Available after Purchase | ||
Speaker
Steven C. Dilley, CPA, JD, PhD Related Seminars and Products
Steven C. Dilley, CPA, JD, PhD is President of Federal Tax Workshops, Inc., East Lansing, Michigan, where for the past 36 years, his organization has prepared continuing professional education materials and presented seminars for accountants and attorneys throughout the United States. He is nationally known for his knowledge of the financial, accounting, and tax problems of the closely held business. He has published numerous articles on these topics. In addition, Steve is a Professor of Accounting at Michigan State University, East Lansing, where he teaches tax accounting and was nominated in 2004 for the "Educator of the Year Award." He obtained his PhD in accounting, law degree and an undergraduate accounting degree from the University of Wisconsin-Madison. He is a member of the Michigan Association of CPAs, Wisconsin Bar Association, The American Accounting Association, AICPA, American Tax Association, and Hawaii Association of Public Accountants.
Additional Info
Basic Course Information
Prerequisites Basic working knowledge of S corporation taxationAdvanced Preparation
None
Designed For CPAs working in public accounting firms and/or working for an S corporation
Original Recording Date 05/2023
Yellow Book No
Course Developer Federal Tax Workshop
Date Added to Catalog 02/09/2023
Additional Information
Complaint Resolution Policy Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).Official Registry Statement Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org
Instructional Delivery Method Live Group Internet Based
Course Registration Requirements Online Registration
Refund/Cancellation Policy Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.
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