Staff Tax Training: S Corporations (Form 1120S) | 4172051B

Date :
January 10, 2018 — January 11, 2018 8:30 AM - 4:30 PM
Location :
Los Angeles Airport
Facility :
TBD
Level of Difficulty :
Basic
Member Price :
550
Nonmember Price :
750
CPE Credits :
CPE 16.00, MCLE 13.00, IRS-TX 16.00, CFP 16.00, CTEC-TX 16.00
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Gain a comprehensive understanding of the federal income tax laws applicable to S corps and their shareholders. This course will examine the integration of the most recent tax laws and theories with real-world case scenarios and the preparation or review of IRS tax forms and schedules, as well as demonstrate the complex income tax code and regulations. Participants will receive a comprehensive S corp income tax reference manual that includes numerous practice aids, real-world examples, new federal income tax forms and schedules, and the Phoenix Beach Quick Reference Chart.

Objectives:

  • Identify federal income tax laws applicable to S corps and their shareholders, from formation to liquidation (i.e., theory) and apply this from a tax-form perspective (i.e., tax preparation).
  • Prepare a complete Form 1120S income tax return and related schedules with minimal review points.

Major Subjects:

  • Extensive review of the S corporation tax laws with an emphasis on any new legislative changes
  • S corporation formation issues (including required year ends) and liquidations
  • Form 2553 S corporation elections and late IRS election procedures
  • Schedule K and K-1 – preparation issues including separately and non-separately stated income and expense items
  • S corporation revocation and termination and allocation of income during short S and C corporation years
  • Unreasonably low officer compensation issues
  • Tax treatment of fringe benefits paid to 2% shareholders and family members
  • Schedule D – built-in gains (BIG) tax computation and planning opportunities when converting from a C to S corporation
  • Excess passive investment income tax issues
  • Schedule M-2 – detailed step-by-step analysis of the AAA, OAA and PTI accounts
  • Tax treatment of distributions when the S corporation has prior C corporation earnings and profits (E&P)
  • Overview of calculating a shareholder’s stock and debt basis and discuss how S corporation losses and deductions can be limited to basis and the at-risk rules

Advanced Prep:

None.

Misc. Information:

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Level of Difficulty:
Basic
Field of Interest:
Taxes
Prerequisites:

Basic understanding of individual income taxation.

Designed For:

Tax return preparers, staff accountants and paraprofessionals with little or no experience, as well as out of practice public accountants seeking a comprehensive basic S corp income tax course.

Instructors

Mark Vanden Berge, CPA
Mark Vanden Berge has over 30 years of experience in the field of public accounting. After graduating from Northwestern College, he accepted a staff position with a local CPA firm where he was exposed to all areas of public accounting. Four years later, he accepted a position with a regional CPA firm in its tax division. After two years, he was in charge of the tax division and primarily responsible for over 500 tax clients. After three years, he established his own firm, Vanden Berge, Inc., in Sioux Falls, SD, and still operates that firm as CEO and president. The firm assists its clients in all areas of taxation, business planning, and financial consulting. This broad background has provided Vanden Berge with a wide range of experiences in the areas of taxation, business, and finance. Vanden Berge has lectured on taxation subjects for several years receiving numerous perfect scores for knowledge and presentation.
No Agenda or Materials posted.