S Corporation Reporting: Basic and Intermediate-Level Training for Tax Preparers

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Co-hosted by the School of Business Accounting Department and
Gonzaga Center for Lifelong learning

Tuesday, July 19th and Wednesday, July 20th

Live; Virtual and In-Person
Gonzaga University, Wolff Auditorium

Pricing Options

  • July 19th, 8:00 - 12:00 - Basic Reporting: $149 Virtual/$199 in-person
  • July 19th, 1:00 - 5:00 - Intermediate Reporting: $149 Virtual/$199 in-person
  • July 19th, Full day - $199 Virtual/$249 In-person
  • July 20th, 8:00 - 5:00 - Hot Issues of S Corporations, 2022 $199 virtual/$249 in-person
  • Both days in full (16 hours): $349 virtual/$449 in-person

 

Registration deadline: Monday, July 11th (in-person); Friday, July 15th (virtual)

Light refreshments and coffee service provided for in-person attendees
CPEs provided*: 4 – 16

*CPEs currently approved through Oregon and Washington State Board of Accountancy

Presenter: Robert W. Jamison, CPA, Ph.D.

Bio: Robert W. Jamison, CPA, Ph.D. is an S corporation specialist and Professor Emeritus of Accounting at Indiana University, Purdue University, Indianapolis (IUPUI). He is the sole author of S Corporation Taxation, co-author of Multistate Tax Guide to Pass-Through Entities, and author of the 2022 edition of Essentials of Federal Income Taxation, all published annually by CCH, a Wolters Kluwer business. He presents advanced S Corporation seminars for various professional organizations, consults on S corporation and other business entity issues, and has secured private letter rulings from the IRS on behalf of clients. Additionally, he is a member of the AICPA S Corporation Technical Resource Panel and the Washington, DC-based S Corporation Study Group


Basic S Corporation Reporting

Tuesday, July 19, 2022
8:00 AM – 12:00 PM

  • Description: Beginning with the 2021 tax returns, S Corporation shareholders must use a specific form (7203) to report stock and debt basis to the IRS. Many S corporations must also file Form 1120-S Schedules K-2 and K-3, detailing sources of income for purposes of shareholder foreign tax credit calculations. These schedules will likely be required for all S corporations for the 2022 returns.
  • This program uses a two-year case study to illustrate the effects of losses in excess of shareholder’s stock and debt basis in the first year (2020) and income in the second year (2021).The case study involves a service corporation with a single shareholder and few separately stated items. It gives hands-on practice filing Form 2553, Form 1120-S with Schedule K-1, Schedule K-2 and Schedule K-3, which are required of many S corporation is for the 2021 taxable year and will likely be required for all S corporations for the 2022 returns. It also demonstrates completion of shareholder Form 7203, required for most S corporation shareholders for 2021 tax returns. Finally, it traces items reported on the shareholder’s Schedule K-1 to Form 1040 and its schedules.
  • Prerequisite:
    Familiarity with individual income tax rules and business entities in general.
  • Learning objectives: After completing this session, participants will be able to perform the following job-related actions:
  • Understand the effects of losses on shareholder basis.
  • Comply with shareholder stock and debt basis reporting requirements.
  • Understand effects of subsequent income on prior suspended losses.
  • Determine the effects of distributions on the restoration of stock and debt basis.
  • Comply with the new Schedule K-2 and Schedule K-3 reporting requirements for a simple S corporation with two shareholders.

 Morning, Basic

  • Election, Form 2553, consent
  • Case Study Form 2553
  • Income, loss flow through, shareholder stock debt basis
  • Case Study Form 1120-S, 2021
    • Schedule K-2, Schedule K-1, Schedule K-3, Form 7203
  • Case Study Form 1120-S, 2022
    • Schedule K-2, Schedule K-1, Schedule K-3, Form 7203
  • Case Study Form 1120-S, 2021

Intermediate: S Corporation Reporting

Tuesday, July 19, 2022
1:00 PM– 5:00 PM

  • Description: Beginning with the 2021 tax returns, S Corporation shareholders must use a specific form (7203) to report stock and debt basis to the IRS. Many S corporations must also file Form 1120-S Schedules K-2 and K-3, detailing sources of income for purposes of shareholder foreign tax credit calculations. These schedules will likely be required for all S corporations for the 2022 returns.
  • This program uses a two year case study to illustrate the effects of losses in excess of shareholder’s stock and debt basis in the first year (2020) and income in the second year (2021). The case study involves a manufacturing corporation with a multiple shareholders and a transfer of shares within the year. There is substantial ordinary income (or loss) and some separately stated items. Form 1120-S with Schedule K-1, Schedule K-2 and Schedule K-3, which are required of many S corporation is for the 2021 taxable year and will likely be required for all S corporations for the 2022 returns. It also demonstrates completion of shareholder Form 7203, required for most S corporation shareholders for 2021 tax returns. Finally, it traces items reported on the shareholder’s Schedule K-1 to Form 1040 and its schedules, including Form 8995-A.
  • Prerequisite:
    Familiarity with individual income tax rules and business entities in general.
  • Learning objectives: After completing this session, participants will be able to perform the following job-related actions:
  • Understand the effects of losses on shareholder basis.
  • Distinguish between direct and indirect indebtedness, and conversion of a guarantee to an obligation.
  • Comply with shareholder stock and debt basis reporting requirements.
  • Understand effects of subsequent income on prior suspended losses.
  • Determine the effects of distributions on the restoration of stock and debt basis and repayment of shareholder loans.
  • Comply with the new Schedule K-2 and Schedule K-3 reporting requirements for a moderately complicated S corporation with multiple shareholders.

Afternoon, Advanced

  • Income, loss flow through, shareholder stock debt basis
  • Case Study Form 1120-S, 2021
    • Section 163(j) limits
    • Schedule M-3
    • Schedule K-2, Schedule K-1, Schedule K-3, Form 7203
  • Case Study Form 1120-S, 2022
    • Schedule K-2, Schedule K-1, Schedule K-3, Form 7203
  • Case Study Form 1120-S, 2021

Hot Issues of S Corporations, 2022

Wednesday, July 20, 2022
8:00 AM – 5:00 PM

This one-day course is up-to-date with all significant legislative, administrative and judicial developments up to the date of presentation. It includes S corporation eligibility and election requirements, basis and other loss limits, taxable and net investment income, distributions compensation, and entity structuring. It also includes state-specific rules regarding entities and taxes.

Learning objectives: At the completion of this program, the participant will be able to:

  • Understand the basic requirements of S corporation eligibility.
  • Determine the pass-through of income, loss and other items from the S corporation to the shareholder
  • Calculate basis in stock and debt, including adjustments
  • Understand the compensation rules applicable to S corporation shareholder-employees
  • Calculate an S corporation’s built-in gain
  • Be aware of multiple entity structures
  • Grasp the options for purchase and sale of an S corporation

July 20, 2022, Morning

  • Eligibility for S corporation status
    • Domestic corporation, check the box election
    • Eligible shareholders
    • Class of stock
  • Electing LLCs
  • Electing S corporation status
    • Form, dates, consents
    • Case study
  • Income, loss flow through
    • Special problems with accounting methods, interest and insurance
  • Stock & debt basis
    • Guarantees, Indirect loans, Conversion of indirect to direct
    • Adjustments for income, losses, nondeductible items and distributions

July 20, 2022, Afternoon

  • Distributions
    • With and without earnings and profits
    • Cash and property
    • Constructive distributions
  • Compensation of shareholder-employees
  • Loss limits
  • Basis, amount at risk, passive activity loss, excess business loss
    • Case study
  • Built-in gains
    • Case study
  • Qualified Subchapter S Subsidiaries
  • Sales, optional transaction forms, due diligence