S Corporations Update Schedule K2 and K3 and 1040 Form 7203
This course will review the 2021 filing requirements for Form 1120-S, Schedules K-2 and K-3, including all of the latest IRS guidance and instructions for these forms. We'll also walk through sample forms and discuss when each section may be required. Form 7203, new for 2021, is required to be filed with Form 1040 for most individual taxpayers with an S Corp K-1. We'll review preparation of this form along with how to calculate stock basis, loan basis, and basis ordering. Also, what to do if our software hasn't supported the new form yet, plus reporting S Corp losses limited by basis. CPE Credit: 0
1. Learn the latest filing requirements for Schedules K-2 and K-3, and 2021 relief offered by the IRS.
2. Review how to prepare K-2 and K-3, if needed, and specific instructions for each section.
3. Receive sample Form 7203 with detailed calculations for stock and loan basis.
4. Understand the tax preparer's obligations for filing the new Form 7203 for S corp shareholders.
5. Discover other potential exposure issues with Form 7203, possible basis errors, loss limitations and more.
CPE Credit: 0
Speaker: Jane Ryder, EA, CPA
NSA Webinar Program Level: Intermediate Prerequisites: Participants should have an understanding of S Corporations and Basis.
Advance Preparation: None Delivery Method: Group-Internet Based
No refunds or exchanges for cancellations. For more information regarding refund, complaint and/or program cancellation policies, please contact NSA toll-free at 800-966-6679.
Jane Ryder, EA, CPA
Jane Ryder, EA, CPA has been providing tax preparation, accounting services, and tax collection resolution services since 1980. She runs her San Diego CPA firm, Brass Tax Ryder Professional Group, Inc., and writes and speaks on many income tax, business compliance and accounting topics. Jane has a business centric practice, preparing and consulting on tax, accounting, and compliance matters for Corporations, S-corporations, LLC's, Partnerships, and Trusts. She also specializes in IRS and state agencies collection problems, payment plans, audit representation, audit appeals, offers in compromise, and other compliance related issues.