Reviewing S Corporation Tax Returns: What Are You Missing?
A case-based approach to learning about the common errors practitioners make on S corporation tax returns.
Format
Online
NASBA Field of Study
Taxes
Level
Intermediate
CPE Credits
5
Author(s)
Larry Tunnell, Robert Ricketts
Availability
1 year
Product Number
CL4STRM25SSO
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:
- Income and deductions
- Schedule K-1 reporting requirements
- Schedule K-2 and K-3 reporting requirements and the domestic filing exception
The tax return in each case study contains some errors or inaccuracies, giving learners the added opportunity to apply their reviewing skills.
Part of Tax Staff Essentials Level 3
This self-study online course is part of Tax Staff Essentials Level 3, a comprehensive learning program that provides senior- and supervisor-level tax professionals with the technical training required to take a leadership role on their teams.
This course can be purchased individually or as part of the Tax Staff Essentials Level 3 bundle.
Who Will Benefit
- CPAs
- Managers and partners responsible for reviewing returns
Key Topics
Common errors made involving the following tax forms:
- Form 1120-S
- Schedule K-1
- Schedules K-2 and K-3
- Schedule L
- Schedules M-1 and M-2
- Form 4562
- Form 4797
Learning Outcomes
- 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.
Group ordering for your team
2 to 5 registrants
Save time with our group order form. We’ll send a consolidated invoice to keep your learning expenses organized.
Start order6+ registrants
We can help with group discounts. Email client.support@aicpa-cima.com
US customers call 1-800-634-6780 (option 1)
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