IRS New S Corporation Initiative: Losses in Excess of Basis, Taxable Distributions, Handling the Examination
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will discuss what the IRS expects to find in its audit of Subchapter S corporations. Our panel of tax experts will focus on complying with current basis, distribution, and documentation requirements and explain how to handle a Subchapter S examination for tax practitioners working with these entities and their shareholders.
- IRS' S corporation campaign
- Distributions to shareholders
- Losses in excess of basis
- New shareholder debt reporting on Schedule K-1
- The examination process
The panel will review these and other key issues:
- Whether loans can be used to increase an S corporation shareholder's basis
- How built-in gains are calculated and taxed
- How to calculate and document shareholders' basis in S corporations
- What increases a shareholder's chance of being selected for an audit?
- How can taxpayers best prepare for an IRS examination of S corporation records?
Jeffrey Alberty, CPA
S Corporation & Cooperatives Issue Practice Group Coordinator
Internal Revenue Service
Mr. Alberty is a subject matter expert on the IRS LB&I S corporations & Cooperatives Practice Network. He is a... | Read More
Mr. Alberty is a subject matter expert on the IRS LB&I S corporations & Cooperatives Practice Network. He is a principal author of the S corporation practice units, develops the Form 1120-S and the related forms and instructions, develops and leads campaigns, and provides technical guidance.Close
Chris Bird, EA, CFP
Chris Bird Seminars
Mr. Bird has been in the financial business for over 30 years. He started his career with a degree in Accounting and a... | Read More
Mr. Bird has been in the financial business for over 30 years. He started his career with a degree in Accounting and a minor in Business Administration. Mr. Bird also holds the Certified Financial Planner designation (CFP). He is enrolled to practice before the IRS (EA). Mr. Bird is also a licensed Real Estate Broker in Illinois. He was a Senior IRS agent for 16 years. Mr. Bird began conducting courses after leaving the IRS and started his own company, Chris Bird Seminars, Inc. He conducts over 150 seminars a year on income tax planning, financial planning, wealth building, residential rental property ownership, and tax strategies for the real estate and financial industries nationwide. Mr. Bird was an adjunct instructor at the University of Illinois in tax law for 20 years. He is an instructor for the Auburn University Tax Schools and he teaches in the Midwest under the name of TaxSeminars.com. Mr. Bird has a unique way of making a tough subject (taxes and investments) entertaining and enlightening at the same time.Close
Professor Robert W. Jamison, CPA
Professor Emeritus of Accounting
Mr. Jamison is Professor Emeritus of Accounting at Indiana University, Purdue University, Indianapolis (IUPUI). His... | Read More
Mr. Jamison is Professor Emeritus of Accounting at Indiana University, Purdue University, Indianapolis (IUPUI). His principal area of specialization is S Corporations. He is the sole author of S Corporation Taxation, and co-author of Multistate Tax Guide to Pass-Through Entities, both of which are published annually by CCH, a Wolters Kluwer business. He is a regular contributor to Land Grant University Tax Education Foundation, Inc. National Income Tax Workbook and has contributed to Federal Tax Workshop. He presents advanced and update S Corporation seminars for various states' CPA societies and to other professional organizations. He is a member of the AICPA S Corporation Technical Resource Panel. He consults on S corporation and other business entity problems and has secured letter rulings from the IRS.Close
Access Anytime, Anywhere
CPE credit is not available on downloads.