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2024 S Corporation Checkup: Key Tax Issues & Forms Reporting

Overview

A detailed analysis of the calculations related to determining a shareholder's tax basis for S corporation shares and loans. How to use the Form 1120S, Schedule K-1 information for basis determination, as well as an update on Schedules K-2 and K-3. An illustrative example demonstrates how the process works, as well as the many potential pitfalls.

**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 kori.herrera@acpen.com.

Prerequisites

Basic working knowledge of S corporation taxation

Objectives

  • Apply recent legislative development impacting S corporations and their shareholders
  • Identify the tax issues related to S corporation owner's basis for shares and loans from formation through operations and concluding with sale and/or liquidation

Highlights

  • Discuss the calculation of basis when the entity is formed including the impact of contributed property
  • Explain the importance of shareholder loans to the entity
  • Uses a comprehensive example to illustrate the mechanics of the basis determination process
  • Schedules K-2 and K-3
  • Discuss how basis is impacted by distributions of corporation property
  • Explain how basis is impacted by sale/or liquidation of the S corporation interest
  • S corporation losses and how they impact Form 1040 Schedule E reporting
  • Show how to get from the Schedule K-1 information to the basis calculation

Register Now

Materials are generally available 3 days in advance of an event. Once you have downloaded the manual, we are unable to cancel your registration.

Event Code:

6161823

4 CPE Credits
Tax: 4 Credits

Registration

Member Price:
$129
Non-member Price:
$159

Registration is open through 04/02.

Wednesday, April 2nd

4:00pm to 8:00pm

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Instructor

Steven Dilley