Form 1120S Challenges for Tax Preparers

Navigating Computations-to-Adjustments Accounts and Determining Treatment of Dividends, Distributions and Fringe Benefits

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

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Conducted on Wednesday, December 10, 2014

Recorded event now available

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Course Materials

This course will improve tax return preparers’ familiarity with issues and solutions for preparing specific parts of Form 1120S, including Schedule M-2 accumulated adjustments accounts, other adjustment accounts’ treatment of dividends and distributions, fringe benefits to shareholders, and health insurance issues.

Description

S corp return filings (Form 1120S) often include misreported data. Frequent errors involve accumulated adjustment accounts (AAA) in Schedule M-2 and calculation of the AAA, the other adjustments account (OAA), and the previously taxed income (PTI) accounts.

Other difficult issues include how to determine the character and treatment of distributions by an S corp with or without earnings and profits, OAA treatment of dividends and distributions, fringe benefits for S corporation shareholders, and health insurance issues.

Our panel of veteran professionals will outline effective approaches to better ensure accurate reporting decisions and information on Form 1120S.

Listen as our panel reviews the rules and offers guidance affecting a tax return preparer’s completion of Form 1120S, including adjustments to AAA and calculation of AAA, OAA and PTI accounts.

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Outline

  1. Flow through concept and basis of stock and loans
  2. The AAA Account in an S corporation
  3. Earnings and profits
  4. Distributions
  5. Fringe benefits
  6. Common mistakes

Benefits

Our panel will review these and other important issues:

  • Key complexities in determining character and treatment of distributions by an S corporation.
  • Accumulated adjustment accounts recommended approaches.
  • Common mistakes to avoid when completing Form 1120S for clients.

Faculty

Matthew R. O'Kane
Matthew R. O'Kane
Shareholder
Lowndes Drosdick Doster Kantor & Reed

Mr. O'Kane has a broad background in federal tax, estate planning and U.S. taxation of foreign investors. He...  |  Read More

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

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