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Live Webcast Replay

S Corporation Preparation, Basis Calculations & Distributions – Form 1120S Schedule K & K-1 Analysis


Total Credits: 8 including 8 Taxes - Technical

Average Rating:
   4.7
Category:
ACPEN Tax Institute |  IRS Approved |  Tax
Faculty:
J. Patrick Garverick, CPA, MT, CFP®
Course Levels:
Intermediate
Duration:
8 Hours
License:
Access for 30 day(s) after program date.

Please Note: Programs with a ☾ insignia begin after 5pm or air on the weekend.

Description

This comprehensive training is designed to get the accountant up to speed quickly with S corporation formation and preparation issues as well as a complete understanding of calculating a shareholder’s stock and debt basis. The cornerstone of this course is the in-depth line-by-line analysis of the Form 1120S Schedule K and K-1 and how these items affect the shareholder’s Federal individual income tax return.

 

**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

Learning Objectives
  • Form a S corporation and calculate the corporation’s initial inside basis in the assets and shareholder’s stock and debt basis
  • Prepare a basic S corporation (Form 1120S) Schedule K & Schedule M-2 including the reporting of cash and non-cash distributions 
  • Understand how the schedule K items get allocated to the shareholders on their individual Schedule K-1
  • List the three main reasons for calculating a shareholder’s basis in a S corporation
  • Calculate a shareholder’s stock and debt and determine if losses and deductions are limited on their individual income tax return

Major Subjects
  • Extensive review of the S corporation tax laws with an emphasis on any new legislative changes including the Tax Cuts & Jobs Act (TCJA) new 20% qualified business income (QBI) deduction and changes to the interest deduction, fringe benefits and entertainment expenses
  • Review the Form 1120S and discuss how items get reported on the S corporation tax return (i.e. page 1 versus Schedule K) and flow-thru to the shareholders on their schedule K-1
  • Analyze the Schedule K-1 line-by-line and discuss where the items get reported on the individual’s Federal income tax return and how the items affect the shareholder’s stock and debt basis
  • Look at what relevant information related to the 3.8% net investment income tax needs to be reported to the shareholders
  • S corporation formation issues under IRC §351
  • Tax ramifications and reporting of distributions at the S corporation level including when the S corporation has prior C corporation earnings and profits (E&P)
  • Preparation of the Schedule M-2 and the ordering rules for distributions out of the AAA, PTI, E&P and OAA accounts

Course Materials

Faculty

J. Patrick Garverick, CPA, MT, CFP® Related seminars and products: 8


Pat Garverick is a Certified Public Accountant who currently lives in the Phoenix, Arizona area. He began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country.

In addition to being a CPA, Pat is also a Certified Financial Planner (CFP®). This role serves to enhance the knowledge he brings as he writes and presents continuing education material. Mr. Garverick is a member of the Arizona Society of Certified Public Accountants, and the American Institute of Certified Public Accountants. Pat has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. His knowledge, expertise, and high energy have made him one of the profession’s most highly rated speakers. He is in a very small group of instructors that are both extremely knowledgeable and interesting.

During his time in college Pat earned a letter as a member of the Ohio State Basketball squad. He remains a stanch supporter of the sports programs at his alma mater.


Dates

Fri, Nov 22, 2019 - 10:00a to 05:37p MST
Wed, Dec 04, 2019 - 11:00a to 06:37p MST
Mon, Dec 23, 2019 - 09:00a to 04:37p MST
Fri, Jan 10, 2020 - 08:00a to 03:37p MST
Sat, Jan 25, 2020 - 09:00a to 04:37p MST
Mon, Feb 03, 2020 - 07:00a to 02:37p MST
Thu, Feb 20, 2020 - 09:00a to 04:37p MST

Additional Info

Basic Course Information

Advanced Preparation None
Course Developer J. Patrick Garverick
Date Added to Catalog 07/22/2019
Designed For Tax professionals that need an in-depth training course on tax preparation issues, basis calculations and distributions rules for S-Corporations and their shareholders
Prerequisites None
Yellow Book No

Additional Information

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.
Complaint Resolution Policy Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
Instructional Delivery Method Group Internet Based
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

Reviews

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Overall:      4.7

Total Reviews: 9

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