Description:
This book is for preparing 2021 taxes. It is geared to tax professionals who have prepared S corporation returns and are looking to improve their skills and proficiency. It furthers the knowledge of tax professionals who have a basic understanding of S corporation taxation. Topics covered include reasonable compensation, built-in gains tax, distributions and stock basis, qualified business income deduction, shareholder loss limitations, ownership changes and liquidation issues.
View Table of Contents.
Topics include:
- Recognizing if an S corporation is paying a reasonable salary to its shareholder employees
- Identifying corporations subject to built-in gains tax
- Computing and report built-in gains tax
- Calculating the shareholder’s S corporation stock basis
- Determining the timing and ordering rules for basis adjustments
- Explaining how distributions from an S corporation are taxed
- Describing the qualified business income deduction
- Comparing and contrasting AAA, stock basis and retained earnings
- Reporting the sale of S corporation stock
- Determining how income and losses are allocated when there is an ownership change
- Identifying an inadvertent termination of the S election and summarize how to correct it
- Preparing a final Form 1120-S for the year of liquidation
- Reporting S corporation post-liquidation expenses
Product Details:
Item Number: E21311
Level: Intermediate
Authors: NATP Staff
Published: 2021
Format: Electronic PDF - 264 Pages
Nonmembers – Join Now, Save More!
Corresponding CPE Courses:
Get this e-book FREE when you purchase the corresponding course.
Purchase Info:
When purchase is complete, you can obtain your product at My Downloads.
Electronic products are nonreturnable.