Line-by-Line Preparation of Form 1120s & 2253 :- 

This two hour course serves as an introduction to the election and tax reporting rules concerning S corporations. It uses a case study approach to link theory with practice. The solutions are filled-in forms. First, the case takes a newly formed corporation to S corporation status. The second part of the case study illustrates preparation of Form 1120-S, The case study concludes with the allocation of income, loss and basis items, and completes Form 7203, required for most shareholders.

This two-hour webinar will discuss basis calculations for S-Corps and Partnerships, as well as capital accounts and partnerships. Basis calculations are tricky for practitioners, because basis is actually an individual/Form 1040 concept — individuals are responsible for determining their basis. However, all of the items necessary for making this computation are generated at the S-corporation or partnership level. This training focuses on the numbers necessary to make basis calculations, and what those calculations actually impact. In additions, partnerships now have a requirement to report capital accounts under the tax basis of accounting. Capital accounts ARE an entity requirement (unlike basis). This webinar will cover how to determine capital accounts, and what a capital account affects.

Learning Objectives :- 

After completing this session, participants will be able to perform the following job-related actions.

• Determine the entities which are, and which are not, eligible for S corporation status.
  
• Prepare the election Form 2553.
• Understand differences between book and tax reporting rules.
• Apply the book and tax rules to the preparation of the annual return Form 1120-S, along with some fundamental additional forms.
• Understand the S corporation shareholder stock and debt basis rules.
• Report income, losses and other items to the shareholders using Schedule K-1.
• Calculate the effects of income, distributions, losses and other items on shareholder’s basis.
• Prepare Form 7203 for each shareholder.

Principal Topics :-

• Introduction to S Corporations.
  
• Qualification for S Corporation Status.
  
• Filing the S Corporation Election on Form 2553.
  
• Calculating Pass-Through Income, Deductions and Losses of the S Corporation.
  
• Fundamentals of Shareholder Stock and Debt Basis.
  
• Preparing Form 1120-S and Related Forms and Schedules.
• Interpreting Schedule K-1 And Preparing Form 7203.
• Other S Corporation Rules, in Brief.

Who Should Attend?

• CPA
  
• Enrolled Agents (EAs)
• Tax Professionals
• Attorneys
• Other Tax Preparers
• Finance professionals
  
• Financial planners

Credits and Other information:

• Recommended CPE credit – 2.0
  
• Recommended field of study – Taxes
• Session Prerequisites and preparation: None
• Session learning level: Basic
• Location: Virtual/Online
• Delivery method: Group Internet Based
• Attendance Requirement:  Yes
• Session Duration: 2 Hours
• Case Studies and Live Q&A session with speaker
  
• PowerPoint presentation for reference

Speaker Profile:

Robert S. Barnett, CPA, Esq., is a founding partner of Capell Barnett Matalon & Schoenfeld LLP, Attorneys at Law. His practice is highly concentrated in taxation, trusts, estates, corporate and partnership law, and charitable planning. His experience includes Surrogate’s Court practice, tax dispute resolution in both Federal and State jurisdictions, and Tax Court representation. Mr. Barnett frequently assists clients in structuring financial transactions and charitable gifts.

Mr. Barnett applies creative and practical solutions to estate and business planning. He has served on many committees and is a frequent lecturer on numerous tax and business law aspects. He is a member of the Professional Advisors Committee of the Long Island Community Foundation and the American Heart Association. He is active on both the estate and tax planning committees of the New York State Society of CPAs. Mr. Barnett has written articles on numerous estate and tax planning aspects and is a frequent contributor to the New York State CPA Journal, The New York Law Journal, and other publications. His articles and lectures encompass various topics, including business succession, estate planning, generation-skipping, stock options, practical strategies for removing tax liens, proper utilization of the marital deduction, and utilization of partnership elections. Mr. Barnett serves on the Nassau County Bar Association’s Academy of Law and is Co-Chair of the Tax Committee. He is the Vice President and an Executive Board Member of the Nassau Chapter of the New York State Society of CPAs. He is President of the Educational Foundation of the Nassau/Suffolk Chapter of the National Conference of CPA Practitioners and Chairman of the Education Committee. Mr. Barnett has extensive expertise representing clients with unreported foreign assets, including failure to file FBAR forms. He has advised clients in all Offshore Voluntary Disclosure Program facets, including penalty minimization strategies and options. Mr. Barnett received his Juris doctor in 1986 from Fordham University, where he graduated cum laude and was a member of the Fordham Law Review. He graduated magna cum laude from Hofstra University, where he received his Bachelor’s degree in accounting. Mr. Barnett holds a Master’s degree in taxation as the recipient of the highest dean’s award. Mr. Barnett is admitted to practice law in New York, Virginia, and Washington, D.C.