Reviewing S Corporation Tax Returns: What Are You Missing?
4.00 Credits
Member Price $145
Non-Member Price $195
Overview
This course is offered in collaboration with multiple state societies and is hosted by the Indiana Society of CPAs.
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. Join us as we discuss the common errors practitioners make on S corporation tax returns that are often missed by review staff. The intent is to sharpen skills for reviewers by examining 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. Multiple issues will be discussed including 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.
Highlights
Common errors made involving the following tax forms: • Form 1120-S • Schedule K-1 • Schedule L • Schedules M-1 and M-2 • Form 4562 • Form 4797
Prerequisites
Basic knowledge of S corporation income taxation
Designed For
CPAs working with clients requiring expertise in S corporation taxation for the current tax season
Objectives
When you complete this course, you will be able to: • Identify common mistakes made on S corporation tax returns. • Determine strategies to avoid making mistakes on S corporation tax returns. • Determine how transfers to corporations in exchange for stock can be nontaxable under IRC Section 351. • Calculate the balance in an accumulated adjustments account and enter that calculation on Form 1120S, Schedule M-2. • Determine how capital gains and losses are disclosed on Form 1120S. • Identify and properly report cost recovery deductions on Form 1120S and the associated Schedule K-1s issued to shareholders. • 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.
Preparation
None
Leader(s):
Leader Bios
Gregory Carnes, AICPA
Dr. Gregory Carnes, CPA serves as Dean of the College of Business at the University of North Alabama. He came to UNA in 2007 as the Raburn Eminent Scholar of Accounting. He previously served as President of the Accounting Program Leadership Group, President-Elect of the Federation of Schools of Accountancy and Secretary of the American Taxation Association.
Dr. Carnes has also served as chair of the Department of Accountancy at Northern Illinois University and Dean of the College of Business at Lipscomb University. Dr. Carnes has published approximately 30 articles in journals such as The Journal of Economic Psychology, Journal of the American Taxation Association, Advances in Taxation, The Journal of International Accounting, Auditing, and Taxation, The Tax Adviser, Taxation for Accountants, Taxation for Lawyers and The CPA Journal.
He is a contributing author on South-Western Federal Taxation: Individual Income Taxes, a popular textbook used in undergraduate taxation courses. He also authors material for Wiley/CPA Excel, one of the nation’s leading CPA Review courses. He has also provided tax training for national accounting firms and the AICPA. He is a member of the AICPA, the American Accounting Association, the Alabama Society of CPAs and the American Taxation Association.
Non-Member Price $195
Member Price $145