Reviewing S Corporation Tax Returns: What Are You Missing?
Online
4.00 Credits
Member Price $139.00
Non-Member Price $169.00
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.
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.
Highlights
Common errors made involving the following tax forms:
Designed For
Prerequisites
Experience with S corporation tax return preparation
Notice
You will receive an email from the AICPA with instructions to access the webinar.
Leader(s):
Leader Bios
Larry Tunnell, AICPA
Larry Tunnell, Ph.D, CPA New Mexico State University (ret.), Las Cruces, NM
Dr. Larry Tunnell is Professor Emeritus in Accounting at the College of Business at New Mexico State University. He has over 25 years of experience teaching, publishing, and practicing in the area of taxation.
He is coauthor of a book on partnership taxation and a widely-used textbook on general federal taxation. In addition, he is author or coauthor on over 20 articles in the area of taxation.
Robert Ricketts, AICPA
Robert Ricketts Ph.D., CPA Robert Ricketts is the Director of the School of Accounting in the Rawls College of Business at Texas Tech University. He has been a member of the Accounting faculty since 1988 and has held the Frank M. Burke Chair in Taxation since 1999. Prior to earning his Ph.D. from the University of North Texas in 1988, he worked for the Dallas office of Ernst & Whinney (now Ernst & Young) as a tax senior. Ricketts’ tax scholarship addresses a broad audience. He co-authors several courses on partnership taxation for the AICPA and has written a forthcoming book on comparative taxation with an international group of authors. He also contributes chapters to a leading undergraduate textbook on taxation and has numerous academic publications on issues ranging from the risks of over-reliance on tax software to the response of multinational corporations to tax holiday legislation. Ricketts teaches at both the undergraduate and graduate levels, working extensively with doctoral students. His love for students, and for Texas Tech, is well-known by students, colleagues and alumni across the world.
Non-Member Price $169.00
Member Price $139.00