Schedule M-2 - How to Correctly Prepare the Accumulated Adjustments Account (AAA) and Determine the Tax Ramifications of S Corporation Distrib

Description

This comprehensive training is designed to get the accountant up to speed quickly on how to prepare the S Corporation Schedule M-2 and determine the tax ramifications of distributions.

Highlights

Schedule M-2 - detailed step-by-step analysis of the AAA, OAA and PTI accounts
Look at the tax treatment of distributions when the S corporation has prior C corporation earnings and profits (E&P) and how to report them on the Schedule K and K-1

Objectives

Prepare the S Corporation Form 1120S Schedule M-2
Determine if any S corporation distributions are taxable as dividends to the shareholders and know how to report them on the S Corporation tax return

Designed For

Tax professionals that need an in-depth training on how to prepare the S-Corporation Schedule M-2 and determine the tax ramifications of distributions