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BB. Introduction to and Overview of the Federal Income Tax Issues of a Subchapter S-Corporation from Start-Up and Operation to Liquidation
January 17@10:00 AM - 2:00 PM PST$149
Member Price: $149.00 | Non-Member Price: $179.00
This course introduces the Tax Professional who has never prepared a Subchapter S Corporation Form 1120S with the basic knowledge needed to understand the flow of the tax characteristics of the separately stated and non-separated stated items of income, deductions, losses and credits as well as understanding the importance of a proper election to be taxed as a pass through entity. The course will also allow the experienced preparer of the Form 1120S the opportunity to review the election process and the importance of understanding basis limitations, ordering rules of basis and the importance of preventing the termination of Subchapter S election. In addition the course will discuss reasonable compensation of shareholder-employees and the distribution of net profits on a per-share, per-day allocation method.
The participants will be able to determine the requirements of an entity to qualify to make the Subchapter S election and understand terminating events and the ramification of that termination. The participants will be able to identify and properly report separately stated and non-separately stated items of income, deductions, losses and credits. The participants will be able to understand the importance of properly accounting for shareholder stock and debt basis, distributions of Capital and the effect on the limitation of losses. They will also be able to reconcile book and tax income of the 1120S and understand the proper preparation of the schedule K-1 of the shareholders and the per-share, per day of allocation the tax results of the entity.