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

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