Reviewing S Corporation Tax Returns: What Are You Missing?

Overview

The complexity of S corporation tax law creates a formidable challenge to the tax practitioner for accurate compliance and reporting of their client’s S corporation activities. In this course, we discuss the common errors practitioners make on S corporation tax returns that review staff often miss. The intent is to sharpen reviewers’ skills by examining four case studies and discussing issues where additional information from the client may be warranted and areas of tax law where proper treatment requires additional analysis and information. Matters addressed include income, deductions, K- 1 reporting, and K-2 and K-3 reporting. This course follows a highly illustrative case study format to increase participant comprehension and retention.

Objectives

When you complete this course, you will be able to:

Identify the accounts that affect the accumulated adjustments account.

Identify which items go on page 1 of Form 1120-S and which go on Schedule K.

Determine how capital gains and losses are disclosed on Form 1120-S.

Determine how wash sales and installment sales are treated by S corporations.

Determine the tax consequences when a newly converted S corporation sells appreciated property it acquired while operating as a C corporation.

Determine the tax consequences associated with the distribution of appreciated property by an S corporation to a shareholder in redemption of stock.

Highlights

Common errors made involving the following tax forms:

Form 1120-S

Schedule K-1

Schedules K-2 and K-3

Schedule L

Schedules M-1 and M-2

Form 4562

Form 4797

Designed For

CPAs and managers and partners responsible for reviewing returns

Prerequisites

Basic knowledge of passthrough taxation

Preparation

None

Notice

By registering for this program and, accordingly, receiving the eMaterials, you’re acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

James Di Gesu, Senior Wealth Advisor

Leader Bios

James Di Gesu, Senior Wealth Advisor

As a wealth advisor with more than 25 years of experience, Mr. Di Gesu’s expertise lies in providing integrated wealth management, including comprehensive personal financial planning, income tax planning and investment management to senior corporate executives, owners of closely held businesses, professionals, retirees and their family members to assist them in achieving goals and making financial life decisions.

Mr. Di Gesu excels at providing advice to senior executives on their company compensation and benefit plans, including stock performance plans, stock option exercising and restricted stock planning, pension and deferred compensation plan analysis and the related income tax and investment strategies.

As a father to a daughter with disabilities and special needs, he is passionate to provide special needs planning seminars and planning services to families of children with special needs. Mr. Di Gesu also provides advisory services to small business owners regarding their company pension and employee retirement plans.

Mr. Di Gesu has taught as a professor of Finance at Felician University School of Business, MBA program. In addition, he has presented seminars on various topics of personal tax and financial planning to individuals, including senior corporate executives, owners of small businesses and their employees.

Mr. Di Gesu has authored technical articles for professional publications in the tax and personal financial planning fields and has also appeared on network television as a guest consultant on personal tax and financial planning topics, including CNBC, CNN Headline News, CBS News and FOX Network.

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