Tax News

CCH (cch.taxgroup.com) reports:

CCH Tax and Accounting is hosting a live, 100-minute audio seminar, 1120S UPDATE: A Practical Review of Developments Impacting 2006 S Corporation Tax Returns, on Thursday, January 25, at 1:00 p.m. Eastern, noon Central. This timely audio seminar will cover the many new issues and developments that preparers of Form 1120S may encounter this tax season. Tax practitioners face a number of significant changes from recent tax legislation, as well as new cases and administrative developments that will affect tax return preparation for S corporations.
In this seminar, Jim Kehl, CPA, will present a practical walk-through of new developments and effective return-preparation tips to help practitioners be on top of their S corporation clients' compliance needs. Included is a review of changes for this year's 1120S and related schedules, as well as an update on new tax legislation and important cases and rulings that impact S corporations and filing 1120S returns.
Jim Kehl will discuss many important topics in the S corporation tax arena that will impact 1120S preparation for the 2006 tax year, including:
--Changes to Form 1120S and related schedules;
--2006 Form M-3;
--Form 8913, Credit for Federal Telephone Excise Tax Paid;
--Changes made by TIPRA and the Code Sec. 199
temporary regulations for determining W-2 wages for S corporations;
--Recent developments concerning the use of loans to create basis for S corporation shareholders to deduct S corporation losses;
--Tax issues when a shareholder uses his debt as part of basis in order to deduct losses;
--Reasonable compensation to S corporation shareholder-employees;
--Proposed amendments to Code Sec. 362 built-in loss rules;
--Review of basis rules for S corporations;
--Eligibility of S corporations to use the cash method of accounting;
--Rules for stock redemptions of S corporation stock; and
--Other significant recent developments impacting S corporations.
Registration can be completed online at https://www.krm.com/cch or by calling 1-800-775-7654. Participants can earn two hours of CPE credit. In addition, firms registering for this audio seminar will receive a copy of CCH's 600-page 1120S Express Answers (2007 Edition) .