33. Subchapter S Corporation - Federal Tax Issues for the Shareholders | Webinar
Session Begins: 1:00 PM ET/12:00 PM CT/11:00 AM MT/10:00 AM PT
Session Concludes: 3:00 PM ET/2:00 PM CT/1:00 PM MT/12:00 PM PT
- Course Description
CE FIELDS OF STUDY:
IRS: Federal Tax Law Topics 2 CPE
CTEC: Tax Law 2 CPE
NASBA: Taxes 2 CPE
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.
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