Date: June 13 , 2025  

Time: 10amET | 9am CT | 8am MT | 7am PT

Duration: 480 Minutes

Description:

S corporation tax returns offer significant opportunities for tax savings—but they also come with complex rules and detailed reporting requirements that demand expert attention. This comprehensive webinar is designed to equip tax professionals with the knowledge and tools needed to accurately prepare and analyze S corporation returns.

You’ll gain a solid foundation in S corporation formation and preparation issues, with a focus on calculating shareholder stock and debt basis—critical for determining loss limitations and distributions. The course includes a detailed, line-by-line walkthrough of Form 1120S Schedules K and K-1, along with guidance on how each item impacts the shareholder’s federal individual income tax return.

Through real-world examples, case studies, and practical illustrations, you’ll see how to apply key concepts in everyday tax situations. Every attendee will receive a comprehensive reference manual packed with practice aids, worksheets, and examples to reinforce learning and support ongoing work in the field.

Whether you’re new to S corporations or looking to sharpen your expertise, this webinar provides the essential training to navigate one of the most complex areas of tax preparation with confidence.

This online CPE/CE Tax webinar will cover the following essential topics:

• S Corporation Formation – Key steps and compliance requirements for forming an S corporation, including formation issues under IRC §351.
• Form 1120S Preparation – A detailed walkthrough of Form 1120S, including preparation challenges and how to accurately report income, deductions, and credits.
• Schedule K and K-1 Reporting – How items on Schedule K flow through to Schedule K-1, and how those items impact the shareholder’s individual federal income tax return.
• Stock and Debt Basis Calculations – Learn how to compute and track shareholder stock and loan basis, and how various transactions affect both.
• Distributions and Tax Ramifications – Understand how to report distributions and apply the ordering rules across the AAA, OAA, PTI, and E&P accounts, including the preparation of Schedule M-2.
• 3.8% Net Investment Income Tax – Identify and report relevant information that shareholders need to consider for the Net Investment Income Tax.
• Recent Legislative Updates – Review recent changes affecting S corporations and shareholders, including provisions from the Inflation Reduction Act of 2022, such as the extension of Section 461(l) limitation through 2028.

Learning Objectives

• Discuss how to form an S corporation and calculate the corporation’s initial inside basis in the assets and shareholder’s stock and debt basis.
• Analyze how to prepare an essential S corporation (Form 1120S) Schedule K & Schedule M-2, including reporting cash and non-cash distributions.
• Understand changes in reporting foreign taxes paid or accrued.
• Explain how the Schedule K items get allocated to the shareholders on their Schedule K-1.
• List the three main reasons for calculating a shareholder’s basis in an S corporation.
• Discuss calculating a shareholder’s stock and debt basis and determining if losses and deductions are limited on their individual income tax return.
• Analyze how The Inflation Reduction Act of 2022 extended 461(l) for 2 years through 2028.

Credits and Other information:

• Recommended CPE credit – 8.0
• 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: 480 Minutes

Who Will Benefit:

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

About Our Speaker

J.Patrick Garverick , CPA (US), CFP® Pat Garverick is a Certified Public Accountant who currently lives in the Phoenix, Arizona area. He began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country.