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Federal Income Tax Issues of a Subchapter S-Corporation Form 1120-S

Course Price: $99.00
CPE Credits
2
Date
November 20, 2020
Course Time
10:00 AM
Advanced Preparation
The participants should be familiar with the concept of a pass through entity of taxation as well as understand the general concepts of the individual income tax law as it effects the investment of the individual taxpayers.
Course Level
Intermediate
Prerequisite
None
IRS CPE
2
NASBA CPE
2
CTEC CPE
2
Instructor(s)
Nina Tross MBA, EA

Course Description

IRS: Federal Tax Law Topics 2 CPE

CTEC: Tax Law Topics 2 CPE

NASBA: Taxes 2 CPE

This course reviews and updates the Tax Professional who has worked with 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.

Learning Objectives

The participants will be able to determine the requirements of an entity to qualify to make the Subchapter S election and 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.

Administration Policies: NSTP follows strict administrative policies
Late Registration
  • Registrations must be received no later than 7 days prior to the seminar date.
  • Registrations received after this date will be subject to a $35 late fee.
Refunds
  • NSTP provides refunds to registrants up to 7 days prior to the date of the course. For those registrants canceling within 14 days prior to the date of the course NSTP will allow attendance at another seminar site. If there are extraordinary circumstances NSTP will allow the participant to attend a future education course. An administrative charge of $25 will be assessed if canceled. For more information regarding refund, cancellation and complaint policies, please contact our offices at 800-367-8130
Cancellation
  • NSTP reserves the right to cancel any program or course for circumstances that are not under direct control of NSTP. If a course or program is canceled, participants will be refunded 100% of their registration fee.
Walk-In
  • We do not accept walk-in attendees. Payment must be received in advance of the class. Classes may not be retaken without payment.
Disclaimer
  • Seminar materials and seminar presentations are intended to stimulate thought and discussion and to provide attendees the useful ideas and guidance in the areas of federal taxation and administration. These materials as well as the comments of the instructors do not constitute and should not be treated as tax advice regarding the use of any particular tax procedure, tax planning technique or device or suggestion or any of the tax consequences associated with them.
  • Although the NSTP has made every effort to ensure the accuracy of the materials and the seminar presentation, neither the author, the presenter nor the National Society of Tax Professionals assumes any responsibility for any individual's reliance on the written or oral information presented during the presentation. Each attendee should verify independently all statements made in the materials and during the seminar presentation before applying them to a particular fact pattern and should determine independently the tax and other consequences of using any particular device, technique or suggestion before recommending the same to a client or implementing the same on a client's or on his or her own behalf.
Attendance Policy
  • Only paid registrants are able to attend seminars. In consideration of your fellow attendees, guests will need to depart before the session begins. The seminar lunch is for paid registrants only and is included in the registration fee.