Reviewing S Corporation Tax Returns: What Are You Missing?
4.00 Credits
Member Price $139
Non-Member Price $169
Overview
Training your reviewer’s eye
The complexity of S corporation tax law presents a formidable challenge to tax practitioners for accurate compliance and reporting of S corporation activities.
The course identifies the common errors practitioners make on S corporation tax returns that review staff should spot.
Four returns for you to review
Learners can fine-tune their reviewing skills by examining case studies of sample tax returns that may warrant additional information from the client and areas of tax law where proper treatment requires additional analysis and information.
Issues discussed include:
The tax return in each case study contains errors or inaccuracies, giving learners the opportunity to apply their reviewing skills.
Developed with H.R. 1, commonly referred to as OBBBA, in mind, these case studies reflect the realities of reviewing S corporation returns today.
Highlights
Common errors made involving the following tax forms:
Prerequisites
Experience with S corporation tax return preparation
Designed For
Objectives
- Identify the accounts that affect the accumulated adjustments account.
- Identify which items go on page 1 of Form 1120-S and which go on Schedule K.
- Determine how capital gains and losses are disclosed on Form 1120-S.
- Determine how wash sales and installment sales are treated by S corporations.
- 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):
- Larry Tunnell, AICPA
- Robert Ricketts, Director, School of Accounting, Texas Tech University
Leader Bios
Robert Ricketts, Director, School of Accounting, Texas Tech University
Robert Ricketts, CPA, PhD, is the director of the School of Accounting and the Frank M. Burke Chair in Taxation at Texas Tech, where he has taught in the graduate tax program for the last 25 years. He is the co-author, with Larry Tunnell, of CCH’s Practical Guide to Partnerships and LLCs, now in its sixth edition, as well as a series of courses on the taxation of partnerships and LLCs for the AICPA.
Non-Member Price $169
Member Price $139