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Secure Transaction S Corporations: Tax Returns – Advanced
Format
Webcast
Course Level
Advanced
CPE Credits
4 Credits: Taxes
Course Description
In the dynamic field of S corporation taxation, professionals face the challenge of understanding complex scenarios that span multiple tax years, involving losses, gains, and various shareholder interests. This program offers a comprehensive exploration of these challenges through a practical two-year case study.
The first part of the study delves into a year of losses, highlighting the treatment on the corporation and each shareholder, and detailing the preparation of crucial tax forms and schedules for 2021. The second part shifts to a year of income, demonstrating how previous losses can be offset, and includes the complexities of acquiring another S corporation. This hands-on approach provides participants with deep insights into preparing and understanding forms such as Form 1120-S and shareholder Form 7203, calculating stock and debt basis limitations, and managing built-in gains tax. By the end of this online CPE course, participants will be adept at handling a range of S corporation tax situations, enhancing their capability to advise clients and manage corporate tax responsibilities effectively.
Learning Objectives
Upon completion of this course, participants will be able to:
- 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;
- Calculate the corporate election to close the books on a substantial disposition, and a shareholder election regarding the ordering of deductible and nondeductible items in a loss year;
- Calculate the effects of the business interest limitation on the loss passed through to the shareholders;
- Prepare other forms and schedules, including Form 1120-S, Schedule D and Schedule M-3, Forms 4797, 8949, 8824 and 8990;
- Determine stock and debt basis limitations applicable to shareholders;
- Calculate the shareholder basis information on Form 7203, including income, losses and carryovers;
- Determine the effects of the amount at risk, passive activity loss and excess business loss limitations on shareholder deductibility of losses passed through from the S corporation;
- Calculate the built-in gains tax carryover;
- Understand the procedures and forms necessary for a Section 338(h)(10) election for the acquisition of an S corporation by another S corporation;
- Prepare Form 8869, to elect Qualified Subchapter S Subsidiary status for an acquired corporation;
- Calculate the corporate election to close the books on a substantial disposition, and a shareholder election regarding the ordering of deductible and nondeductible items in a loss year;
- 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;
- Prepare other forms and schedules, including Form 1120-S, Schedule D and Schedule M-3, Forms 4797, 8949, 8824 and 8990;
- Determine stock and debt basis limitations applicable to shareholders;
- Calculate the shareholder basis information on Form 7203, including income, losses and carryovers;
- Determine the effects of the amount at risk, passive activity loss and excess business loss limitations on shareholder deductibility of losses passed through from the S corporation; and
- Calculate the built-in gains tax, including carryover provisions.
Course Specifics
WC1823341446
August 29, 2023
Knowledge of S Corporations
None
Compliance Information
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02364-23-O
IRS Federal Tax Law Credits: 4
CTEC Course Number: 2071-CE-1929
CTEC Federal Tax Law Credits: 4
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
CTEC Notice: California Tax Education Council DOES NOT allow partial credit, course must be taken in entirety. Western CPE has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone toll-free at (877) 850-2832, or on the Internet at www.ctec.org.
Meet The Experts
Robert “Bob” W. Jamison, CPA, Ph.D., is Professor Emeritus of Accounting at Indiana University, Purdue University, Indianapolis (IUPUI). His principal area of specialization is S Corporations. He is the sole 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. He is the author of the 2022 edition of Essentials of Federal Income Taxation, published annually by CCH, a Wolters Kluwer business. Bob is a well-known author and speaker on S Corporations. He is curator of Wolters Kluwer Answerconnect Topic “S Corporations” and subtopics …
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