S Corporation (Form 1120S) - Formation to Liquidation 25-26

Overview

With the increasing complexity and ever-changing nature of tax laws and issues, today?s accountant needs a S corporation course focusing on the birth, growth, maturity, and death of a closely held S corporation. This case driven course will deal with S corporation income tax laws from formation to liquidation. This class will review S corporation tax law by looking at case studies addressing issues and problems at both the S corporation and shareholder level. Each attendee will receive the most comprehensive reference manual with numerous practice aids and real-world examples and case studies.

Highlights

Extensive review of the S corporation tax laws with an emphasis on any new legislative changes including any TCJA provisions expiring after 2025
Requirements to make an S election (i.e., types and numbers of shareholders and second class of stock issues)
Fixing late S corporation elections (i.e., Form 2553)
S corporation formation (351) and liquidation issues
Revocation and termination of S corporations
Schedule K and K-1
separately stated versus non-separately stated income and expense items
Detailed Schedule K-1 reporting including the 20% qualified business income (QBI) deduction and 3.8% net investment income tax
Compensation issues including the tax treatment of fringe benefits
Built in gains tax and other planning opportunities when converting a C to S corporation
Preparation of the Schedule M-2 and the ordering rules for distributions out of the AAA, PTI, E&P and OAA accounts
Tax treatment of stock redemptions (sale or distribution
)

Prerequisites

None.

Designed For

Tax professionals (in public or private industry) seeking a case driven income tax return course addressing many common, yet complex Federal S corporation issues and problems.

Objectives

Form a S corporation and calculate the entity
s initial inside basis in the assets and shareholder
s stock basis
Understand the operational issues during the growth and maturity of a S corporation and how the schedule K items get allocated to the shareholders on their individual Schedule K-1 effecting stock and debt basis
Prepare a Schedule M-2 and determine how distributions are treated to the shareholders
Comprehend the tax ramifications of liquidating

Preparation

Background in S corporation and individual income tax law.

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by CalCPA (calcpa@calcpa.org). Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.