Reviewing S Corporation Tax Returns: What Are You Missing?

Overview

A case-based approach

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

Course Instructor: Robert Ricketts,Larry Tunnell

Highlights

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

Designed For

CPAs

Managers and partners responsible for reviewing returns

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.

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by AICPA (do_not_reply@on24event.com). Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.