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Subchapter S Corporation - Federal Tax Issues for the Shareholders

Course Price: $109.00
CPE Credits
2
Date
December 9, 2021
Course Time
10:00 AM
Advanced Preparation
None
Course Level
Intermediate
Prerequisite
The participants should be familiar with the concept of a pass through entity of taxation as well as understand the general concepts of the individual income tax law as it effects the investment of the individual taxpayers.
IRS CPE
2
NASBA CPE
2
CTEC CPE
2
Instructor(s)
Nina Tross MBA, EA

Course Description

The pass-through attributes of the S Corporation are issued as both payroll and distributions to the shareholders of the S Corporation. The pass-through treatment of each of the business assets is also reported separately on the individual income tax returns. This course looks at the separately stated items of income, deduction, losses and credits as well as those that pass-through as the net income or loss of the business entity. Tax considerations such as basis, reasonable compensation, depreciable assets, and shareholder distributions will be reviewed.

Learning Objectives

At the completion of this session, the participants will be able to:

* understand the elements of preparing the Form 1120-S, U.S. Income Tax Return for an S Corporation; * identify the elements of the Schedule K-1 (Form 1120-S) which reports the shareholder's share of the corporation's income, deductions, credits, etc. * properly account for the shareholder stock and debt basis, the distribution of capital, and the effect of the limitation of losses.

Administration Policies: NSTP follows strict administrative policies
Late Registration
  • Registrations must be received no later than 7 days prior to the seminar date.
  • Registrations received after this date will be subject to a $35 late fee.
Refunds
  • NSTP provides refunds to registrants up to 7 days prior to the date of the course. For those registrants canceling within 14 days prior to the date of the course NSTP will allow attendance at another seminar site. If there are extraordinary circumstances NSTP will allow the participant to attend a future education course. An administrative charge of $25 will be assessed if canceled. For more information regarding refund, cancellation and complaint policies, please contact our offices at 800-367-8130
Cancellation
  • NSTP reserves the right to cancel any program or course for circumstances that are not under direct control of NSTP. If a course or program is canceled, participants will be refunded 100% of their registration fee.
Walk-In
  • We do not accept walk-in attendees. Payment must be received in advance of the class. Classes may not be retaken without payment.
Disclaimer
  • Seminar materials and seminar presentations are intended to stimulate thought and discussion and to provide attendees the useful ideas and guidance in the areas of federal taxation and administration. These materials as well as the comments of the instructors do not constitute and should not be treated as tax advice regarding the use of any particular tax procedure, tax planning technique or device or suggestion or any of the tax consequences associated with them.
  • Although the NSTP has made every effort to ensure the accuracy of the materials and the seminar presentation, neither the author, the presenter nor the National Society of Tax Professionals assumes any responsibility for any individual's reliance on the written or oral information presented during the presentation. Each attendee should verify independently all statements made in the materials and during the seminar presentation before applying them to a particular fact pattern and should determine independently the tax and other consequences of using any particular device, technique or suggestion before recommending the same to a client or implementing the same on a client's or on his or her own behalf.
Attendance Policy
  • Only paid registrants are able to attend seminars. In consideration of your fellow attendees, guests will need to depart before the session begins. The seminar lunch is for paid registrants only and is included in the registration fee.