Target Audience: CPAs, EAs, Annual Filing Season Program Participants
Field of Study: Taxation (NASBA); Federal Tax/Tax Related Matters (IRS)
IMPORTANT INFORMATION REGARDING CONTINUING EDUCATION CREDIT: THE IRS ACCEPTS THIS SEMINAR FOR ONE (1) CONTINUING EDUCATION CREDIT FOR ENROLLED AGENTS (EA) AND ANNUAL FILING SEASON PROGRAM (AFSP) PARTICIPANTS. Others, PLEASE CONSULT WITH YOUR RESPECTIVE STATE LICENSING AGENCY REGARDING ACCEPTABILITY OF THIS CREDIT.
Note: the credit received from this seminar qualifies as continuing education that is required to obtain the voluntary AFSP – record of completion. however, this website does not offer the AFSP annual federal tax refresher (AFTR) course.
IRS COMMUNICATIONS AND LIAISON IS REGISTERED WITH THE NATIONAL ASSOCIATION OF STATE BOARDS OF ACCOUNTANCY (NASBA) AS A SPONSOR OF CONTINUING PROFESSIONAL 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.LEARNINGMARKET.ORG
DISCLAIMER: THIS SEMINAR WAS FILMED AT NATIONAL HARBOR, MARYLAND, ON JULY 19, 2018, AND THE INFORMATION WAS CORRECT AT THE TIME OF RECORDING.
The IRS Large Business and International Division presented this seminar at the 2018 IRS Nationwide Tax Forum.
This session discusses the new stock and debt basis worksheet included in the 2017 Shareholder’s Instructions for Schedule K-1 (Form 1120S) and when it is required to be attached to the shareholder’s federal income tax return. In addition, it will discuss how to estimate a shareholder’s beginning basis when historical records are not available to re-compute basis.
By the end of this presentation, you will be able to:
• Determine the authority to “Track Basis”
• Identify the changes to schedule K-1
• Differentiate when one must attach the stock & debt basis worksheet to a return
• Identify what is needed to compute basis
• List and Identify other options when historical records are not available for determining basis
No prerequisites or advanced preparation are required for this seminar.