2024 S Corporation Checkup: Key Tax Issues and 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.

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

Designed For

CPAs working in public accounting firms and/or working for an S corporation

Prerequisites

Basic working knowledge of S corporation taxation

Preparation

None

Notice

Your webinar can be accessed via https://ctcpas.acpen.com/Account/login https://ctcpas.acpen.com/. If you do not have an ACPEN account, please sign up for an account using the email address you have on file with CTCPA.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Steven Dilley, Federal Tax Workshops

Leader Bios

Steven Dilley, Federal Tax Workshops

Steve is President of Federal Tax Workshops, Inc., East Lansing, Michigan, where for the past 33 years, his organization has prepared continuing professional education materials and presented seminars for accountants and attorneys throughout the United States. He is nationally known for his knowledge of the financial, accounting, and tax problems of the closely held business and individual taxpayers. He has published numerous articles on these topics.

In addition, Steve is a Professor of Accounting at Michigan State University, East Lansing, where he teaches tax accounting. He received the 2005 "Distinguished Achievement in Accounting Education Award" in Michigan. He also received the 2007 "MSU Accounting and Information Systems Department Outstanding Teacher Award."

He obtained his Ph.D. in accounting, law degree and an undergraduate accounting degree from the University of Wisconsin-Madison. He is a member of the Michigan Association of CPAs, Wisconsin Bar Association, The American Accounting Association, AICPA, American Tax Association, and Hawaii Association of Public Accountants.

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