S Corporation Update: Developments You Need to Know (Completed)

Date: Thursday, December 3, 2020
Instructor: Greg White
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC

We’ll cover a brand new “Practice Unit” released by the IRS in 2020. We’ll also cover new cases, changes in Form 1120S, and new administrative guidance.

Topics Covered

  • Deducting state and local taxes imposed on an S corporation from ordinary income
  • Deducting expenses used to produce PPP forgiveness
  • Big changes to Form 1120S Schedule K-1
  • Basis increases for shareholder debt

Learning Objectives

  • Identify where to deduct state and local income taxes imposed on an S corporation
  • Recognize and apply argument that deductions used to produce PPP forgiveness are deductible
  • Identify circumstances where shareholder loans increase basis for purposes of deducting shareholder losses

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of S Corporations.

Advance Preparation
None

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