S Corporations: Comprehensive walk through of Form 1120S Part 1

Overview

Description:

This course is designed for financial professionals looking to understand Form 1120S. It covers the essential aspects of S corporation taxation, including the preparation of Form 1120S, determining taxable income, and accurately reporting and allocating income, deductions, and credits. Electing Subchapter S status as well as reviewing the mechanics of electing Subchapter S status will be discussed. It will further compare the S Corporation to other forms of entities, along with compliance with corporate formalities. Highlights of Form 1120S will be discussed, including build-in capital gains, accountable plans, taxable fringe benefits, officer reasonable compensation and audit strategies. Schedules K-1, K-2, K-3, and effectively connected income will be reviewed in this course as well.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

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<p style="margin-bottom:0in;line-height:18pt;vertical-align:baseline;"><strong>Learning Objectives:</strong></p>
<p>After attending this presentation, you will be able to...</p><ul><li>Compare S Corporations to other entity structures to assess suitability.</li><li>Prepare Form 2553 and explain relief options for late filings under Rev. Proc. 2022-19.</li><li>Distinguish between Rev. Proc. 2022-19 and Rev. Proc. 2023-3.</li><li>Analyze I.R.C. &sect;1361 and &sect;1362 in the context of S Corporation elections and compliance.</li><li>Identify and address S Corporation eligibility errors and implement corrective measures.</li><li>Apply corporate governance procedures and corporate formalities.</li><li>Assess shareholder stock and debt basis rules and implications.</li><li>Recall critical aspects of Form 1120S, including built-in capital gains and accountable plans.</li><li>Recall the preparation and reporting requirements for Schedules K-1, K-2, and K-3.</li><li>Recall officer reasonable compensation requirements, including advisory strategies and audit defenses.</li></ul>

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<p style="margin-bottom:0in;line-height:18pt;vertical-align:baseline;"><strong>Program Content:</strong></p>
<p>The major topics that will be covered in this course include:</p><ul><li>Subchapter S status election and compliance requirements</li><li>Relief for late Form 2553 filings under Rev. Proc. 2022-19</li><li>Comparison of Rev. Proc. 2022-19 and Rev. Proc. 2023-3</li><li>I.R.C. &sect;1361 and &sect;1362 analysis for S Corporation elections</li><li>Corporate governance and formalities compliance</li><li>Shareholder stock and debt basis rules</li><li>Built-in capital gains and other aspects of Form 1120S</li><li>Schedules K-1, K-2, and K-3 preparation and reporting requirements</li><li>Officer reasonable compensation: requirements, advisory strategies, and audit defenses</li><li>S Corporation eligibility errors and corrective measures</li></ul>

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    <strong>Who should attend:</strong>
    <span style="color:rgb(101,101,101);font-family:'Source Sans Pro', sans-serif;font-size:16px;font-style:normal;font-weight:400;letter-spacing:normal;text-align:left;text-indent:0px;text-transform:none;word-spacing:0px;white-space:normal;background-color:rgb(255,255,255);display:inline;float:none;">CPAs, EAs, Tax Professionals, Financial Planners, Investment Advisors</span>
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    <strong>Developed By:</strong>
    <span style="color:rgb(101,101,101);font-family:'Source Sans Pro', sans-serif;font-size:16px;font-style:normal;font-weight:400;letter-spacing:normal;text-align:left;text-indent:0px;text-transform:none;word-spacing:0px;white-space:normal;background-color:rgb(255,255,255);display:inline;float:none;">Hourani & Associates Inc</span>
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<p style="margin-bottom:0in;line-height:18pt;vertical-align:baseline;"><strong>Instructor:</strong> Mary Jane Hourani</p>

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<p style="margin-bottom:0in;line-height:18pt;vertical-align:baseline;"><strong>CPE Credit: 4</strong>.00</p>

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    <strong>Field of Study:</strong> Taxes (4.00)

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<p style="margin-bottom:0in;line-height:18pt;vertical-align:baseline;"><strong>Prerequisites:</strong> None</p>

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<p style="margin-bottom:0in;line-height:18pt;vertical-align:baseline;"><strong>Advanced Preparation:</strong> None</p>

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<p style="margin-bottom:0in;line-height:18pt;vertical-align:baseline;"><strong>Format:</strong> QAS Self Study</p>

Highlights

The major topics that will be covered in this course include:

• Subchapter S status election and compliance requirements
• Relief for late Form 2553 filings under Rev. Proc. 2022-19
• Comparison of Rev. Proc. 2022-19 and Rev. Proc. 2023-3
• I.R.C. §1361 and §1362 analysis for S Corporation elections
• Corporate governance and formalities compliance
• Shareholder stock and debt basis rules
• Built-in capital gains and other aspects of Form 1120S
• Schedules K-1, K-2, and K-3 preparation and reporting requirements
• Officer reasonable compensation: requirements, advisory strategies, and audit defenses
• S Corporation eligibility errors and corrective measures

Prerequisites

None

Designed For

CPAs, EAs, Tax Professionals, Financial Planners, Investment Advisors

Objectives

After attending this presentation, you will be able to...

• Compare S Corporations to other entity structures to assess suitability.
• Prepare Form 2553 and explain relief options for late filings under Rev. Proc. 2022-19.
• Distinguish between Rev. Proc. 2022-19 and Rev. Proc. 2023-3.
• Analyze I.R.C. §1361 and §1362 in the context of S Corporation elections and compliance.
• Identify and address S Corporation eligibility errors and implement corrective measures.
• Apply corporate governance procedures and corporate formalities.
• Assess shareholder stock and debt basis rules and implications.
• Recall critical aspects of Form 1120S, including built-in capital gains and accountable plans.
• Recall the preparation and reporting requirements for Schedules K-1, K-2, and K-3.
• Recall officer reasonable compensation requirements, including advisory strategies and audit defenses.

Preparation

None