Form 1120S Challenges for Enrolled Agents: Navigating Latest Regs, Rulings and Guidance

Anticipating Issues With Computations, Dividends, Distributions, Fringe Benefits, Etc.

Recording of a 110-minute CPE webinar with Q&A

Conducted on Thursday, June 27, 2013

Recorded event now available

or call 1-800-926-7926
Course Materials

This course will prepare enrolled agents to deal with challenges for S corporations in annual federal tax returns on Form 1120S.

Description

S corporation returns on Form 1120S pose a number of complex challenges for enrolled agents. For starters, errors often are made with calculation of accumulated adjustment accounts and reporting on Schedule M-2, the other adjustments account, and the previously taxed income accounts.

A host of recent IRS rulings provide relief for inadvertent S corporation terminations. There are also Tax Court rulings on using S corporations to shift income or evade taxes and final regs on Sect. 179 by controlled groups of S corporations. Taxpayers utilizing S corps—and their advisors—must understand all.

There are other ongoing issues e.g., how to determine character and treatment of S corporation distributions with or without earnings and profits, and OAA treatment of dividends and distributions. Recent developments (court decisions, rules for wages and self-employment taxes) also demand advisors' attention.

Listen as our experienced panelists explore and explain challenges arising from S corporation returns. The panel will offer their practical experiences in handling these issues to the benefit of enrolled agents and advisors.

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Outline

  1. Adjustments to accumulated adjustment accounts
  2. Calculations of AAA, OAA and PTI accounts
  3. Character and treatment of distributions and dividends
  4. Recent regulatory developments
    1. Sect. 179 expensing by controlled groups of S corporations
    2. Proposed Treasury regulations on debt basis
    3. Letter rulings on inadvertent termination relief
  5. Court rulings of impact
    1. Use of S corporations to shift income or evade taxes

Benefits

The panel will review these and other key questions:

  • What complexities should enrolled agents anticipate with character and treatment of distributions by an S corporation?
  • What adjustments to accumulated adjustment accounts may become an issue?
  • How can inadvertent termination relief become a problem?
  • What special challenges do wages and self-employment taxes pose for S corporation shareholders?

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Faculty

Wilson, Amanda
Amanda Wilson
Shareholder
Lowndes

Ms. Wilson concentrates her practice on federal tax planning and structuring and represents clients in a wide variety...  |  Read More

Dennis Mowrey
Dennis Mowrey
Tax Director
Schneider Downs

Mr. Mowrey has more than 30 years of experience in tax compliance and planning work for C corporation, S corporation,...  |  Read More

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