2024 S Corporation Checkup: Key Tax Issues & Forms Reporting
Friday, February 21, 2025
Webcast or Webinar, Online
10:00AM - 2:00 PM (opens at 9:30 AM) EST
4Credits
Technical Business
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$129.00 Regular Price
Non-Members
$159.00 Regular Price
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Course Type: Webcast
Course Code: 24/AC160278
Level: Intermediate
Vendor: ACPEN
Field of Study: Taxes
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 [email protected].
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
Major Topics:
- 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
Major Topics:
- 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