Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2025 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
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 course 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 course 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?"
Publication Date: May 2023
Designed For
CPAs, EAs, tax preparers and other tax professionals with responsibility for preparing or reviewing S corporation tax returns.
Topics Covered
- What's New?
- New separately stated items
- QBID (we're still learning)
- QOF issues in S corporations
- Reporting number of activities (at-risk; passive)
- What's Old, Maybe Tweaked, But Important
- Basis reporting using Form 7203
- Foreign relevant information on K-2; K-3
- More Questions/More Separately-Stated Reporting
- Distribution Reporting Issues Raised
- Compensation and Payroll Tax
- Corporate-Level Taxes
Learning Objectives
- 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
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic experience with preparing S corporation and S shareholder tax returns.
Advance Preparation
None
Instructor
James R. Hamill
Dr. Hamill is the Director of Tax Practice at Reynolds, Hix & Co., P.A., in Albuquerque, New Mexico. He is the author of more than 36 CPE courses and more than 100 articles in professional tax journals and writes a weekly column on tax issues for the Albuquerque Journal. He has lectured on structuring tax transactions throughout the country for international CPA firms, State CPA Societies, and numerous other organizations. He has developed and instructed webinars on a variety of tax topics over the past 10 years. He is a CPA in New Mexico, a past Chair of the New Mexico Society of CPAs, and has 40 years of experience in tax practice.