Flow-Through Taxation Competencies for the S Corporation Client
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Flow-Through Taxation Competencies for the S Corporation Client (MLC575C)
Gain Proficiency in Preparing Forms 1120S and 1040 for S Corporations
Certain issues are peculiar to S corporations, including stock and loan basis calculations, pass-through income reporting elections, AAA accounts, distributions, loan repayments, compensation, late elections, terminations and the post-termination transition period (PTTP).
This session by expert speaker Vicki Mulak, EA, CFP will focus on the preparation of Form 1120S returns as well as the corresponding 1040 returns for shareholders. Vicki will share explanations and examples of common S corporation taxes, including the built-in gains tax and the tax on excess passive income. You will receive examples of common scenarios with proper calculations and completed tax forms. Additionally, you will get a mini-tax update for recent changes in tax law affecting S corporations and stock basis calculation proficiencies under the six-year statute of limitations.
Gain competency in completion of Form 1120S including schedules
Gain confidence in accurate calculations of stock and loan basis, resulting in correct reporting of taxable distributions and loan repayments and other K-1 flow-through items on Form 1040
Understand when a specific accounting election for an S corporation, or a Section 1367-1(g) election for a shareholder, is appropriate
Recognize when a corporate-level tax is imposed on an S corporation
NASBA & IRS Category of Study: Taxes
Who should attend?
Other tax professionals involved with S corporation tax returns and the tax returns of the S corporation’s shareholders
Vicki is an Enrolled Agent and Certified Financial Planner (CFP) and owner of American Financial and Tax, a tax preparation, planning and representation firm, which was founded in Tustin, California in 1985, when Vicki became both a resident and a business owner.