Description

A case-based approach to learning about the common errors practitioners make on S corporation tax returns.

Target Audience

- CPAs

- managers and partners responsible for reviewing returns

Course Objectives

- 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.

Subjects

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

Prerequisites

Experience with S corporation tax return preparation