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Seminar

S Corporation Tax Workshop (124)

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Meeting Times:

Thursday, December 02, 2021 8:30 AM - Thursday, December 02, 2021 4:30 PM
Meeting times for all courses that you attend in person are expressed in LOCAL TIME for where the class is being held.

Price:

Single Price: $130.00
Multiple Discount Price: $120.00

Location:

Hotel Captain Cook
939 W 5th Ave
Anchorage, AK 99501
(View on Map)

Delivery Method:

Group Live

Credit Hours:

8.0 IRS Federal Tax Law MF2AY-T-01081-21-O

Field of Study:

Taxes - Technical (Corporate Income Taxation)

Course Level:

Intermediate

Prerequisites:

Knowledge of S corporations

General Description:

This course is designed to identify the basic rules and regulations that apply in filing a Form 2553 and preparing a Form 1120S.

Learning Objectives:

After completing this course the participant will be able to:

  • Summarize the seven basic factors that are commonly taken into account in advising a client as to the preferred way to operate a trade or business.
  • Discuss the check-the-box regulations.
  • Describe the procedural rules that apply to filing a Form 1120S, including filing a late Form 2553 and the penalty for late filing a Form 1120S.
  • Recognize the IRS audit issues as they relate to an S corporation.
  • Identify the eligible owners of an S corporation.
  • Describe the types of trusts eligible to own S corp stock; when to use an ESBT or QSST.
  • Discuss S corporation operational problems including filing Form 2553, selection of tax year end, methods of accounting, calculation of taxable income, fringe benefits available, the treatment of health insurance premiums, and the requirement that an S corporation must pay reasonable compensation.
  • Determine the maximum amount of loss that is deductible, how the PPP loan affects basis and AAA, and the AICPA proposal on the PPP loan.
  • Describe the effect of the S election on the corporation, including the types of income taxes that are imposed on an S corporation.
  • Determine whose obligation it is to keep track of a shareholder's basis and new Form 7203 for tracking a shareholder's basis.
  • Discuss the effect of the S election on shareholders: allocation of S corporation income and separately stated gain, loss, deduction, and credit; calculation of shareholders' basis and limitation on loss deductibility; distributions from an S corporation; AAA and Schedule M-2.
  • Calculate the deduction for qualified business income under §199A and discuss the forthcoming changes to the §199A deduction.
  • Discuss the SALT Parity Act.
  • Describe the events that will cause termination of the S election: vote of shareholders, ceasing to be an S corporation, passive investment income test.
  • Prepare a Form 1120S.

Instructors:

Mark A. Vogel is a retired professor and director of the University of Denver Graduate Tax Program, where for 38 years he taught courses in individual, fiduciary, tax accounting, partnership, and corporate taxation. He is the author of Divorce Taxation Guide (John Wiley & Sons) and Individual Taxation (Shepards/McGraw-Hill). He received a J.D. and LL.M. in Taxation from the University of Denver College of Law and an undergraduate accounting degree from the University of Notre Dame. He is also a CPA licensed in Illinois.

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