Date: September 4th , 2026

Time: 11amET | 10am CT | 9am MT | 8am PT

Duration: 390 minutes

Course Overview:

This case-driven online continuing education course is designed to quickly bring both new and experienced accountants up to speed on the most critical, real-world aspects of S corporation taxation. Rather than focusing solely on theory, the course walks you through the preparation of a complete Form 1120S using a reasonably complex, realistic trial balance similar to those seen in closely held S corporations. Participants will see how the technical rules actually play out in the numbers.

This course is appropriate for all levels of staff, including tax preparers, managers, CPAs, enrolled agents, and public accounting firm personnel. It is equally valuable for in-house accountants, controllers, and tax managers responsible for preparing or reviewing their company’s S corporation return and related shareholder reporting. The emphasis throughout is on building confidence in end-to-end return preparation and in spotting issues before they become costly errors.

The course uses a hands-on methodology. Working from a comprehensive trial balance, participants will:

• Trace items from the financial statements into Form 1120S and key schedules.
• Compute shareholder basis and understand how it drives loss limitation, distribution treatment, and reporting.
• Walk through year-end adjustments, distributions, and potential liquidation scenarios, and see their impact on both the entity and shareholders.

By the end, attendees will have a practical, repeatable framework for preparing accurate S corporation returns and advising clients on the consequences of elections, distributions, and structural changes.

Major Topics Covered

• S Corporation Election Requirements.
• Shareholder Basis Calculation Rules.
• Distribution and Liquidation Treatment.
• Loss Limitation Rules.
• Form 1120S Tax Return Preparation.
• Accounting Period Options and Compliance Considerations.

Learning Objectives

• Review and apply S corporation election requirements and termination conditions, including common traps that can inadvertently revoke S status and expose clients to unexpected C corporation taxation.
• Identify and compute shareholder stock and debt basis using current IRS guidance and Form 7203, and understand when and how a §754 election interacts with basis and loss utilization.
• Explain S corporation distribution rules and liquidation procedures, including how basis, earnings and profits, and suspended losses affect the tax treatment of distributions and final liquidating transactions.
• Apply tax return filing rules for accurate and timely Form 1120S compliance, including required schedules, supporting documentation, and best practices for avoiding IRS processing issues and notices.
• Analyze S corporation accounting period options (e.g., calendar vs. fiscal year) and related tax implications, including alignment with shareholder reporting, estimated payments, and planning opportunities.
• Recognize and avoid common pitfalls in maintaining S corporation status, from ineligible shareholders and second class of stock issues to poor basis tracking and misclassified distributions

Credits and Other information:

• Recommended CPE credit – 7.0
• 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: 390 minutes

Who Should Attend:

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

About Our Speaker:

J. Patrick Garverick CPA (US), CFP®

J. Patrick “Pat” Garverick is a Certified Public Accountant based in the Phoenix, Arizona area and one of the most respected tax and financial education instructors in the profession. He began his career in public accounting in 1988 after earning his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. In 1992, he completed his Master of Taxation (MT) degree at Arizona State University and shortly thereafter launched his own tax and financial planning practice, combining deep technical expertise with day-to-day client advisory work.

In addition to being a CPA, Pat is also a Certified Financial Planner (CFP®), a combination of credentials that allows him to bridge tax, retirement, and broader financial planning issues seamlessly in both his client work and his teaching. Since the early 1990s, he has been writing, reviewing, and delivering tax and financial planning continuing professional education courses across the country, with a particular focus on practical, case-driven programs that help practitioners apply complex rules to real-world returns and planning scenarios,

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