1120-S Mastery and Planning - Part 2 (Half-Day Webinar)

Topics Covered

• Allocation of income
• Direct shareholder loans to S corp
• Schedules K-1
• K-2/K-3 exemptions
• Loans to shareholders
• Ineligible shareholders
• Inadvertent terminations
• Fixing LLC S corps with "crazy boilerplate"
• Former C corps
• Trusts and estates as shareholders
• Schedule M-3

Learning Objectives

• Identify strategies to eliminate late-filing penalties for S corporation returns
• Determine how to answer Form 1120S questions on passive activity grouping
• Determine how to correctly answer questions on Schedule B of Form 1120S
• Explain how to complete Form 1120S on a line-by-line basis
• Identify the requirements that waive the requirement to file Schedules K-2 and K-3
• Identify how to categorize income and expense items to the accumulated adjustments account, the accumulated earnings account and the other adjustments account
• Identify the disclosure requirements for Schedules K-1
• Identify ineligible shareholders and how to “retroactively” fix S corp terminations
• Identify the box within Schedule K-1 that includes loans from shareholders
• Identify the maximum number of classes of stock an S corp is allowed
• Identify the limiter percentage outlined within the regs with respect to cash method accounts receivables
• Identify the number of ways to allocate income between a buyer and seller
• Identify the type of trust that qualifies as an S corp shareholder for only two years after transfer

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
None

Advance Preparation
None