Reviewing S Corporation Tax Returns: What Are You Missing? (8:30AM-12:00PM)

Description

The complexity of S corporation tax law creates a formidable challenge to the tax practitioner for accurate compliance and reporting of their client's S corporation activities.
Join us as we discuss the common errors practitioners make on S corporation tax returns that are often missed by review staff. The intent is to sharpen skills for reviewers by examining case studies and discussing issues where additional information from the client may be warranted and areas of tax law where proper treatment requires additional analysis and information. Multiple issues will be discussed including income, deductions, K-1 reporting, and K-2 and K-3 reporting.This course follows a highly illustrative case study format to increase participant comprehension and retention.

Highlights

Common errors made involving the following tax forms:

  • Form 1120-S
  • Schedule K-1
  • Schedule L
  • Schedules M-1 and M-2
  • Form 4562
  • Form 4797

Objectives

  • Identify common mistakes made on S corporation tax returns.
  • Determine strategies to avoid making mistakes on S corporation tax returns. - Determine how transfers to corporations in exchange for stock can be nontaxable under IRC Section 351.
  • Calculate the balance in an accumulated adjustments account and enter that calculation on Form 1120S, Schedule M-2.
  • Determine how capital gains and losses are disclosed on Form 1120S.
  • Identify and properly report cost recovery deductions on Form 1120S and the associated Schedule K-1s issued to shareholders.
  • 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.

Designed For

CPAs working with clients requiring expertise in S corporation taxation for the current tax season

Leaders

William Taylor

William (Bill) F. Taylor is president of Benefit Solutions, Ltd., a benefit consulting firm, and a CPA in private practice. Since retiring as Community Bank President of Renasant Bank in Water Valley, MS, he has served as an adjunct assistant professor in the MBA program at the University of Mississippi. Bill has worked in the employee benefit and investment fields for over 20 years, beginning his career as the Employee Benefits Coordinator in the Jackson, MS, office of KPMG Peat Marwick and managing his own firm since 1999. A nationally known consultant and speaker, Bill has conducted seminars for the American Society of Pension Professionals and Actuaries, more than 40 state CPA and Bar associations, and other organizations. He was the recipient of the James L. McCoy Excellence in Education award for 2015 and awarded the Outstanding Discussion Leader award for 2014 and 2016. Bill is the author of Taxation of Employee Benefits Volume I and Volume II, and his articles have appeared in numerous publications.