S Corporation and Shareholder Tax Reporting
Date: Tuesday, May 17, 2022
Instructor: James R. Hamill
||12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
||2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC
S Corporations, as flow through entities, must report separately-stated items of income or loss. These are items that may differentially impact the tax reporting of partners or shareholders based on the owners’ specific tax positions. The 2017 TCJA continues a trend of adding more items that require additional information reporting by flow through entities. Because TCJA has many provisions that remain unclear, some of which have been addressed by regulation, professional advisers may reasonably disagree on the level of specificity to provide to shareholders.
Professional tax advisers will need to understand both the level of detail to provide to owners of S corporations as well as the specific information to be provided. This session will discuss general tax reporting by an S corporation and its shareholders, including ordinary and separately-stated items, specific information that must be provided to allow shareholders to properly report, when S shareholders must report tax basis, issues associated with PPP loans, and new questions that must be answered.
In this two-hour CPE webinar nationally recognized tax expert and instructor James Hamill, CPA, Ph.D., will explain how to prepare partnership and S corporation tax filings in the most informative way. The instructor’s approach is generally to ask “would I want to see further information or detail if I were preparing the partner or shareholder’s return?”
Who Should Attend
CPAs, EAs, tax preparers and other tax professionals with responsibility for preparing or reviewing S corporation tax returns.
What's Old, Maybe Tweaked, but ImportantBasis reportingMore Questions/More Separately‐Stated ReportingDistribution ReportingCorporate‐Level Taxes
- What's New?
- New separately stated items
- QBID (we're still learning)
- PPP loan expenses/forgiveness/basis
- AAA and OAA adjustments for PPP loans
- QOF issues in S corporations
- Reporting number of activities (at‐risk; passive)
- What debt creates basis
- Identify key reporting issues in flow through entities
- Recognize how to provide the most useful information to the owner
- Describe correct general concepts with respect to S Corporations
- Identify the extension period for PTE returns
- Recognize which box within Schedule K-1 includes basis adjustments
- Identify what percent of S Corporations have only one shareholder
- Describe the flat percentage penalty tax that is imposed
NASBA Field of Study
Taxes (2 hours)
Basic experience with preparing S corporation and S shareholder tax returns.