This comprehensive training is designed to get the accountant up to speed quickly on basis calculations and distribution planning for the owners of an S corporation.
**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 firstname.lastname@example.org.
Basic Course Information
- List the 3 main reasons for calculating a shareholder’s basis in a S corporation
- Calculate the stock and debt basis for S corporation shareholders
- Review the Form 1120S Schedule K-1 to determine how the line items affect basis calculations and get reported on the individual owner’s Form 1040
- Line-by-line analysis of the Schedule K-1 to determine how the items affect a S shareholder’s stock and debt basis and where the items get reported on Federal individual income tax return
- The three loss and deduction limitations on the owner’s individual income tax return (i.e. basis, at-risk and other Form 1040 limitations)
- How cash or non-cash distributions affect the basis calculations and whether or not they are taxable to the owners
- Calculating the tax treatment of the sale of a shareholder’s stock in a S corporation
- What constitutes debt basis for a S corporation shareholder under the final regulations
- The tax ramifications of repaying loans to S corporation shareholders and on open account debt
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.
Wed, Feb 05, 2020 - 01:00p to 04:37p MST
Mon, Feb 17, 2020 - 02:00p to 05:37p MST
Basic Course Information
J. Patrick Garverick
Date Added to Catalog
Tax professionals that need an in-depth training on basis calculations and distributions rules for S-Corporations shareholders
Basic understanding of individual income taxation
Course Registration Requirements
Please contact the ACPEN help desk 1-877-602-9877 or email@example.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. firstname.lastname@example.org, (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
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