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Reviewing S-Corp Returns

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.

$197 - $241
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Feb 07, 2023

NASBA Field of Study




CPE Credits



Deborah A. Phillips


3 months

Product Number


 Business & partner 
Product Details

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.

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.

Who Will Benefit

  • CPA managers and partners
Credit Info
CPE Credits
NASBA Field of Study
Basic knowledge of S corporation income taxation
This is a digital product. With full paid access the content will be available to you for 3 months after purchase date.
For more information, please refer to CPE requirements and NASBA sponsorship information
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Contact us
Deborah A. Phillips
Deborah A. Phillips, CPA, MST, operates her own tax controversy practice where she specializes in partnership and S Corporation tax law as well as IRS audits and procedures. Debbie, retired from the Large Business and International Division (LB&I) of the Internal Revenue Service (IRS) where she was a Senior Manager in the Flow Through Issue Practice Group (IPG). The IPG specializes in S corporation and partnership tax issues for LB&I. Debbie worked for the IRS for over 31 years ago and she has extensive accounting and taxation knowledge of individual, corporate, and partnership federal tax returns. She was the Operations and Technical Assistant to the Deputy Commission International, the Technical Assistant to the Director of PFTG, a Territory Manager in the Retail, Food and Pharmaceuticals Industry, a Team Manager in the Heavy Manufacturing Industry and the IRC Section 263A Technical Advisor. Debbie taught graduate and undergraduate courses in accounting and taxation as an adjunct faculty member at Delaware State University, Wilmington College, and Goldey-Beacom College. She has been a seminar presenter for over 17 years as well as a text book author. Debbie earned her master's degree in taxation from Widener University.

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Reviewing S-Corp Returns
Feb 07, 2023
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Feb 07, 2023
1pm5pm GMT
Nonmember Price
Price excluding sales tax
Do you have an AICPA membership? 
Log in to apply your member discount.
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