S Corporation Checkup: Tax Issues & Forms Reporting
Total Credits: 4 including 4 Taxes - Technical
- Average Rating:
- Not yet rated
- Categories:
- ACPEN Tax Institute | IRS Approved | Tax
- Faculty:
- Steven C. Dilley, CPA, JD, PhD
- Course Levels:
- Intermediate
- Duration:
- 4 Hours
- License:
- Product Setting: Expires 30 day(s) after program date.
Description
A detailed analysis of the calculations related to determining a shareholder's tax basis for S corporation shares and loans. How to use the Form 1120S, Schedule K-1 information for basis determination, as well as an update on Schedules K-2 and K-3. An illustrative example demonstrates how the process works, as well as the many potential pitfalls.
*Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com
Basic Course Information
Major Subjects- Discuss the calculation of basis when the entity is formed including the impact of contributed property
- Explain the importance of shareholder loans to the entity
- Uses a comprehensive example to illustrate the mechanics of the basis determination process
- Schedules K-2 and K-3
- Discuss how basis is impacted by distributions of corporation property
- Explain how basis is impacted by sale/or liquidation of the S corporation interest
- S corporation losses and how they impact Form 1040 Schedule E reporting
- Show how to get from the Schedule K-1 information to the basis calculations
- Comprehensive example to illustrate the mechanics of the basis determination process
Learning Objectives
- Apply recent legislative development impacting S corporations and their shareholders
- Identify the tax issues related to S corporation owner's basis for shares and loans from formation through operations and concluding with sale and/or liquidation
Course Materials
| IMPORTANT_CPE Credit Instructions_Read Before Webcast_Updated_2_2025 (442.6 KB) | Available after Purchase | ||
| S Corporation Checkup: Tax Issues & Forms Reporting Handout (13.5 MB) | Available after Purchase | ||
| IRS Credit Instruction (267 KB) | Available after Purchase | ||
Faculty
Steven C. Dilley, CPA, JD, PhD Related Seminars and Products
Steven C. Dilley, CPA, JD, PhD is President of Federal Tax Workshops, Inc., East Lansing, Michigan, where for the past 36 years, his organization has prepared continuing professional education materials and presented seminars for accountants and attorneys throughout the United States. He is nationally known for his knowledge of the financial, accounting, and tax problems of the closely held business. He has published numerous articles on these topics. In addition, Steve is a Professor of Accounting at Michigan State University, East Lansing, where he teaches tax accounting and was nominated in 2004 for the "Educator of the Year Award." He obtained his PhD in accounting, law degree and an undergraduate accounting degree from the University of Wisconsin-Madison. He is a member of the Michigan Association of CPAs, Wisconsin Bar Association, The American Accounting Association, AICPA, American Tax Association, and Hawaii Association of Public Accountants.
Dates
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Sat, May 10, 2025 - 10:00am to 01:37pm CDT
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Wed, May 21, 2025 - 12:00pm to 03:37pm CDT
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Mon, Jun 02, 2025 - 02:00pm to 05:37pm CDT
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Tue, Jun 10, 2025 - 04:00pm to 07:37pm CDT
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Tue, Jun 24, 2025 - 06:00pm to 09:37pm CDT
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Thu, Jul 10, 2025 - 10:00am to 01:37pm CDT
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Thu, Jul 31, 2025 - 12:00pm to 03:37pm CDT
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Tue, Aug 05, 2025 - 02:00pm to 05:37pm CDT
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Mon, Aug 25, 2025 - 04:00pm to 07:37pm CDT
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Thu, Sep 11, 2025 - 08:00am to 11:37am CDT
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Wed, Sep 24, 2025 - 10:00am to 01:37pm CDT
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Fri, Oct 10, 2025 - 12:00pm to 03:37pm CDT
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Thu, Oct 30, 2025 - 05:00pm to 08:37pm CDT
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Sat, Nov 01, 2025 - 04:00pm to 07:37pm CDT
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Mon, Nov 17, 2025 - 08:00am to 11:37am CST
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Mon, Dec 01, 2025 - 10:00am to 01:37pm CST
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Thu, Dec 11, 2025 - 12:00pm to 03:37pm CST
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Mon, Dec 22, 2025 - 02:00pm to 05:37pm CST
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Mon, Jan 12, 2026 - 04:00pm to 07:37pm CST
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Sat, Jan 31, 2026 - 08:00am to 11:37am CST
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Mon, Feb 02, 2026 - 10:00am to 01:37pm CST
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Tue, Feb 17, 2026 - 12:00pm to 03:37pm CST
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Mon, Mar 09, 2026 - 02:00pm to 05:37pm CDT
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Thu, Mar 26, 2026 - 04:00pm to 07:37pm CDT
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Thu, Apr 02, 2026 - 08:00am to 11:37am CDT
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Mon, Apr 20, 2026 - 10:00am to 01:37pm CDT
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Additional Info
Basic Course Information
Prerequisites Basic working knowledge of S corporation taxationAdvanced Preparation
None
Designed For CPAs working in public accounting firms and/or working for an S corporation
Original Recording Date 04/2025
Yellow Book No
Course Developer Federal Tax Workshop
Date Added to Catalog 03/11/2025
Additional Information
Complaint Resolution Policy Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).Official Registry Statement Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org
Instructional Delivery Method Live Group Internet Based
Course Registration Requirements Online Registration
Refund/Cancellation Policy Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.