Subchapter S Corporation and 2023 Tax Issues for the Shareholders
RegisterNina Tross MBA, EA
- 10:00 am - 11:00 am Pacific Time Zone
- 11:00 am - 12:00 pm Mountain Time Zone
- 12:00 pm - 1:00 pm Central Time Zone
- 1:00 pm - 2:00 pm Eastern Time Zone
IRS CPE : Tax Law Topics
CTEC CPE : Tax Law Topics 2
NASBA CPE : Taxes 2
The Form 1120-S is unique because it provides for the pass-through of corporate income deduction, losses and credits. It also provides for the issuance of attributes of both payroll and distributions to the active shareholders of the S Corporation. The pass-through treatment of each of the business attributes is also reported separately on the individual income tax returns. Tax considerations such as stock basis, debt basis, reasonable compensation, depreciable assets, and shareholder distributions will be reviewed.
At the completion of this session, the participants will be better equipped to:
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Understand the elements of preparing the Form 1120-S, U.S. Income Tax Return for an S Corporation;
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Identify the elements of the Schedule K-1 (Form 1120-S) which reports the shareholder’s share of the corporation’s income, deductions, credits, etc.
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Properly account for the individual shareholder’s stock basis and debt basis, the distribution of capital, and the effect basis has on the limitation of losses passed through to the shareholder’s on their Schedule K-1.
