S Corporation Update: Developments You Need to Know (Completed)
Date: Wednesday, December 8, 2021
Instructor: Greg White
| Begin Time: |
9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time |
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC |
|
We’ll cover a brand new “Practice Unit” released by the IRS in 2020. We’ll also cover new cases, changes in Form 1120S, and new administrative guidance.
Topics Covered
- Deducting state and local taxes imposed on an S corporation from ordinary income
- The Employee Retention Credit
- Deducting expenses used to produce PPP forgiveness and when the basis increase occurs
- Big changes to Form 1120S Schedule K-1
- Basis increases for shareholder debt
- Applying for a "second draw" PPP loan for an S corporation
Learning Objectives
- Identify where to deduct state and local income taxes imposed on an S corporation
- Recognize when PPP forgiveness increases a shareholder's stock basis
- Identify circumstances where shareholder loans increase basis for purposes of deducting shareholder losses
Level
Update
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic understanding of S Corporations.
Advance Preparation
None
