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.

• Determining if an S corporation pays reasonable compensation to its shareholders
• Computing and reporting 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: 23311

Level:  Intermediate

Authors: NATP Staff

Published: 2023

Format: Print - 240 pages

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Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding 2023 course.