Description:
This book is for preparing 2023 taxes. This book is geared towards tax professionals who prepare Form 1120-S, U.S. Income Tax Return for an S corporation, and have a basic understanding of S corporation taxation. Tax professionals may expand their expertise in S corporations by attending this course, which examines key topics such as reasonable compensation, built-in gains (BIG) tax, shareholder loss limitations, stock and debt basis and distributions. It winds down by analyzing the tax consequences when S corporations experience a change in shareholders or shut down the business and liquidate the corporation.
Topics include:
- Determining if an S corporation pays reasonable compensation to its shareholders
- Computing and reporting the BIG tax
- Calculating the shareholder’s stock and debt basis by completing Form 7203, S Corporation
Shareholder Stock and Debt Basis Limitations
- Summarizing the loss limitations that apply at the shareholder level
- Explaining how distributions from an S corporation are taxed
- Analyzing the tax effects when stock ownership changes
- Explaining the tax consequences when an S corporation liquidates
- Preparing a final Form 1120-S for the year of liquidation
Product Details:
Item Number: E23311
Level: Intermediate
Authors: NATP Staff
Published: 2023
Format: Electronic PDF - 241 pages
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Corresponding CPE Courses:
Get this e-book FREE when you purchase the corresponding 2023 course.
Purchase Info:
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Electronic products are nonreturnable.