Date: November 26th , 2025

Time: 10am ET | 9am CT | 8am MT | 7am PT

Duration: 480 Minutes

Description:

S corporation tax returns open significant opportunities for tax reduction—alongside substantial demands for careful preparation by tax professionals. This webinar delivers a thorough and practical guide, equipping professionals with the knowledge needed to navigate S-Corp formation, preparation issues, and basis calculations.

Attendees will receive a detailed, line-by-line walkthrough of Form 1120S Schedules K and K-1, demonstrating their impact on the shareholder’s federal tax reporting. The session integrates illustrative examples, real-world case studies, and a comprehensive reference manual designed as a lasting resource.

Topics Covered

• Essential steps in forming an S Corporation, preparing Form 1120S, and addressing related preparation challenges.
• Updates on new legislative changes, including enhanced reporting requirements for foreign taxes on Schedule K and K-1.
• Guidance on how S corporation items are reported on individual federal returns and how they impact the shareholder’s basis.
• Step-by-step instructions on completing Schedule M-2, including the ordering rules for distributions from AAA, OAA, PTI, and E&P accounts.
• In-depth review of the Inflation Reduction Act of 2022 and its extension of Section 461(l) through 2028.

Learning Objectives

• Explain the steps to form an S corporation and calculate both the corporation’s initial inside basis in its assets and the shareholder’s stock and debt basis.
• Demonstrate how to accurately complete Form 1120S, focusing on Schedule K and Schedule M-2, including the correct reporting of both cash and non-cash distributions.
• Summarize recent changes to reporting requirements for foreign taxes paid or accrued on Schedule K and Schedule K-1.
• Clarify how Schedule K items are allocated to shareholders and reflected on their individual Schedule K-1 forms.
• Identify the three primary reasons for determining a shareholder’s basis in an S corporation.
• Illustrate the process for calculating a shareholder’s stock and debt basis, including how to assess if losses and deductions are limited on their personal income tax return.
• Examine how the Inflation Reduction Act of 2022 has extended Section 461(l) limitations through 2028.

Credits and Other information:

• Recommended CPE credit – 8.0
• Recommended field of study – Taxes
• Session Prerequisites and preparation: None
• Session learning level: Basic
• Location: Virtual/Online
• Delivery method: Group Internet Based
• Attendance Requirement:  Yes
• Session Duration: 480 minutes

Who Will Benefit:

• CPA
• Enrolled Agents (EAs)
• Tax Professionals
• Attorneys
• Other Tax Preparers
• Finance professionals
• Financial planners

About Our Speaker

J. Patrick Garverick is recognized nationwide for his outstanding teaching in tax education, consistently earning top ratings and accolades such as the Award for Instructor Excellence and the Award for Outstanding Course Materials from the California Education Foundation. His courses—now available at a significant discount—are praised for their clear explanations, real-world relevance, and exceptional reference materials, earning perfect scores for both content and instruction from participants across the country.