Reviewing S Corporation Tax Returns: What Are You Missing?
4.00 Credits
Member Price $213
Non-Member Price $261
Overview
The complexity of S corporation tax law creates a formidable challenge to the tax practitioner for accurate compliance and reporting of their client’s S corporation activities. Join us as we discuss the common errors practitioners make on S corporation tax returns that are often missed by review staff. The intent is to sharpen skills for reviewers by examining case studies and discussing issues where additional information from the client may be warranted and areas of tax law where proper treatment requires additional analysis and information. Multiple issues will be discussed including income, deductions, K-1 reporting, and K-2 and K-3 reporting. This course follows a highly illustrative case study format to increase participant comprehension and retention.
Highlights
Prerequisites
Basic knowledge of S corporation income taxation
Designed For
CPAs managers and partners responsible for reviewing returns
Objectives
- Identify common mistakes made on S corporation tax returns.
- Determine strategies to avoid making mistakes on S corporation tax returns.
- Determine how transfers to corporations in exchange for stock can be nontaxable under IRC Section 351.
- Calculate the balance in an accumulated adjustments account and enter that calculation on Form 1120S, Schedule M-2.
- Determine how capital gains and losses are disclosed on Form 1120S.
- Identify and properly report cost recovery deductions on Form 1120S and the associated Schedule K-1s issued to shareholders.
- Determine the tax consequences when a newly converted S corporation sells appreciated property it acquired while operating as a C corporation.
- Determine the tax consequences associated with the distribution of appreciated property by an S corporation to a shareholder in redemption of stock.
Leader(s):
Leader Bios
Deborah Phillips, Discussion Leader, Surgent McCoy CPE, LLC
Deborah A. Phillips, MST, CPA, is a Senior Manager in the Flow Through Issue Practice Group (IPG) in Pre-filing Technical Guidance (PFTG) in the Large Business and International Division (LB&I) of the Internal Revenue Service (IRS). This IPG specializes in S corporation and partnership tax issues in LB&I.
Ms. Phillips began her career with the IRS more than 31 years ago and has extensive accounting and taxation knowledge of individual, corporate, and partnership federal tax returns. She was the Operations Executive Assistant to the Deputy Commission International, the Technical Executive Assistant to the Director of PFTG, a Territory Manager in the Retail, Food and Pharmaceuticals Industry, a Team Manager in the Heavy Manufacturing Industry and the IRC Section 263A Technical Advisor. She taught graduate and undergraduate courses in accounting and taxation as an adjunct faculty member at Delaware State University, Wilmington College, and Goldey-Beacom College. She has been a seminar presenter for over 17 years as well as a respected instructor within the IRS.
Ms. Phillips earned her master’s degree in taxation from Widener University.
Non-Member Price $261
Member Price $213