CPA trendlines and AA

3-hour Webinar:
All New IRS Form 7203

Computing and Reporting  S Corp Shareholder Stock and Debt Basis

What Lurks Beneath?

Live Webinar:  September 23, 2022
9AM PT, 10AM MT, 11AM CT, Noon ET

3 hours, 3 CPE, 3 IRS CE

Includes Handout and Video Recording

Live Webinar:  November 2, 2022
8AM PT, 9AM MT, 10AM CT, 11AM ET

3 hours, 3 CPE, 3 IRS CE

Includes Handout and Video Recording

Until Midnight ET October 31, 2022, then $129
Self-Study Course
Recorded on June 29, 2022

Includes Video Recording, Handout, and Exam

3 hour, 3 CPE, 3 IRS CE

Program Description:

IRS in the past directed S Corp shareholders to attach informal schedules (to their tax returns) to report their stock and debt basis. To report S Corp shareholder stock and debt basis for 2021, IRS demands we attach new Form 7203. Oddly, the new-fangled form need not be attached every time, just sometimes.

This course answers all of the questions listed below and more. Go ahead, take for yourself our self-test below. And, if you don’t know the answer to any of these questions, we’ll answer them all for you.

How confident are you in answering the following questions?

    1. When must we attach new Form 7203(and when are we spared)?
    2. What must be reported on it?
    3. What must we, behind the scenes, know to compute stock and debt basis?
    4. What is S Corp shareholder stock basis? How to compute it?
    5. What is S Corp shareholder debt basis? How to compute it?
    6. What’s at stake? Why does it matter/why does IRS care so much?
    7. Consequences of not reporting at all (or not reporting correctly)?
    8. What are the snares and maneuvers to sidestep them?
    9. How/when to correctly allow losses and deductions to a shareholder?
    10. How/when are distributions on stock taxable? When not?
    11. How to handle different blocks of stock?
    12. How to account for and track repayments of debt?
    13. Consequences of repayment by S Corp of debt?
    14. Are open accounts ever treated as promissory notes? If so, when and what are the shocking consequences?
    15. What are best practices re: open account debt to prevent getting hurt?
    16. How do prior suspended losses interplay?
    17. Effect and timing of tax exempt income (e.g., PPP loan forgiveness) on basis?
    18. How to reconstruct if starting basis numbers are unknown (or a huge historic mess)?
    19. What planning is available to avoid unwanted basis related income tax?
    20. How is IRS using the all-new Form 7203 Instructions to take aggressive new positions not supported in the law? When might overrides be needed?

    “Nothing is easy, though time gets you worrying, my friend”   Ian Anderson

    How best to structure, compute and report S Corp shareholder stock (and debt) basis?

    Take our new course to find out.

bradleyBurnnett

Presenter: Bradley Burnett

Bradley Burnett, J.D., LL.M., is a practicing Colorado tax attorney with 39 years of tax practice experience.  His practice emphasis is on tax planning and tax controversy resolution.  He also prepares a handful of tax returns.

Mr. Burnett has delivered more than 3,000 presentations on U.S. tax law throughout all fifty U.S. states, Washington, D.C., the Bahamas, Italy, Greece, Turkey, and Canada. He has authored texts of 35 CPE courses.  He has appeared on television answering tax questions for call-in viewers of Denver NBC affiliate KUSA Channel 9.  Brad received the Illinois Society of CPAs Instructor Excellence Award for teaching in Chicago and five times has been the top-rated, most requested instructor for CPA Society annual tax conferences.

Burnett’s seminar style is to deliver the subject matter in briskly paced, enthusiastic and witty fashion.  His forte’ is the candid communication of practical ideas relating to tax law.

RickHost: Rick Telberg

 

  • Founder and CEO CPA Trendlines, Bay Street Group
  • Accounting Today Top 100
  • CPA Practice Advisor Top 25

Sandi Leyva, Accountant's Accelerator Founder PresidentHost: Sandi Leyva

 

  • Founder and President Accountant’s Accelerator, Sandra L Leyva, Inc.
  • CPA Practice Advisor Top 25
  • Most Powerful Women in Accounting

CPE Details

Prerequisites: None

Advanced Preparation: None

Program Level: Update

Delivery Method: Group Internet Based, Self-Study

Field of Study: Taxes

CPE Hours: 3

IRS CE Hours: 3

IRS Program Number: WVOOK-U-00062-22-O, WVOOK-U-00062-22-S

NASBA

Sandra L. Leyva, Inc. is registered with the National Association of the State Boards of Accountancy (NASBA) as a sponsor of continuing education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website www.nasbaregistry.org. Our NASBA sponsor number is 112525.

Seating is limited, so register now.  This webinar is packed with high quality content and will fill up fast!

Live Webinar:  September 23, 2022
9AM PT, 10AM MT, 11AM CT, Noon ET

3 hours, 3 CPE, 3 IRS CE

Includes Handout and Video Recording

Live Webinar:  November 2, 2022
8AM PT, 9AM MT, 10AM CT, 11AM ET

3 hours, 3 CPE, 3 IRS CE

Includes Handout and Video Recording

Until Midnight ET October 31, 2022, then $129
Self-Study Course
Recorded on June 29, 2022

Includes Video Recording, Handout, and Exam

3 hour, 3 CPE, 3 IRS CE