Reviewing S Corporation Tax Returns: What Are You Missing?

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.
In this course, we discuss the common errors practitioners make on S corporation tax returns that review staff often miss. The intent is to sharpen reviewers' skills by examining four 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. Matters addressed include 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

  • Form 1120-S
  • Schedule K-1
  • Schedules K-2 and K-3
  • Schedule L
  • Schedules M-1 and M-2
  • Form 4562
  • Form 4797

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.

Designed For

CPAs and managers and partners responsible for reviewing returns

Leaders

Richard Lahijani

Richard Lahijani, CPA, CGMA, MST JBL Consulting LLC/New York, NY

Mr. Rich Lahijani is a professor of taxation at New York University's Stern School of Business. He is also a faculty member at City University of New York ("CUNY") where he teaches federal taxation, and graduate accounting courses.

Before coming to academia, Mr. Lahijani was a Senior Tax Manager at Deloitte Tax LLP, in their New York Tax Practice. Mr. Lahijani's primary focus was in the Real Estate sector in the tri-state area. Rich also served clients in the financial services, and hospitality areas. Mr. Lahijani has over 15 years of public accounting experience, and held a key leadership role in the tax consulting and structuring of one of the largest REIT IPOs in modern US history.

Mr. Lahijani is an accomplished speaker and has authored multiple articles, and professional publications.