A case-based approach to learning about the common errors practitioners make on S corporation tax returns.
DESIGNED FOR
CPAs, Managers and partners responsible for reviewing returns
BENEFITS
- 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.
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 4797PREREQUISITES
Experience with S corporation tax return preparation
ADVANCE PREPARATION
None