Reviewing S-Corp Returns
The complexity of S corporation tax law creates a formidable challenge to the tax practitioner for accurate compliance and reporting of S corporation activities. Join us as we discuss the common errors practitioners make on S corporation tax returns that are often missed by review staff.
Format
Online
NASBA Field of Study
Taxes
Level
Intermediate
CPE Credits
5
Author(s)
Robert Ricketts, Larry Tunnell
Availability
1 year
Product Number
CL4STRM22SSO
Save when you buy the complete Tax Staff Essentials, Level 3 online bundle.
Sharpen your skills!
Fine-tune your reviewing abilities by examining case studies of issues that may warrant additional information from the client and areas of tax law where proper treatment requires additional analysis and information. Multiple issues will be discussed, including income, deductions, K-1 reporting, and other complex tax law issues.
Who Will Benefit
CPA managers and partners
Key Topics
Common errors made involving the following tax forms:
- Form 1120S
- Schedule K-1
- Schedule L
- Schedules M-1 and M-2
- Form 4562
- Form 4797
Learning Outcomes
- Determine how transfers to corporations in exchange for stock can be nontaxable under IRC Section 351.
- Calculate the balance in an accumulated adjustments account and enter that calculation on Form 1120S, Schedule M-2.
- Determine how distributions to an S corporation shareholder are taxed.
- Determine how capital gains and losses are disclosed on Form 1120S.
- Determine how installment sales are disclosed by S corporations.
- Calculate the excess net passive income tax for an S corporation.
- Identify and properly report cost recovery deductions on Form 1120S and the associated Schedule K-1s issued to shareholders.
- Determine the tax consequences when a newly converted S corporation sells appreciated property it acquired while operating as a C corporation.
- Calculate and properly report the tax consequences associated with the distribution of appreciated property by an S corporation to a shareholder in redemption of stock.
- Accurately determine how to allocate S corporation pass-through items when the shareholders’ interests in the corporation change during the tax year.
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