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University of Nebraska–Lincoln

S Corporation Shareholder Reporting: New Requirements for 2022

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Presenter: Robert W. Jamison CPA, Ph.D. Leesburg, VA

This year the IRS surprised tax preparers with significant new reporting requirements on S corporations and their shareholders. Although the IRS has backed off on some of these requirements, the relief might not be as widespread as expected. Therefore every practitioner with an S corporation or an S corporation shareholder as a client must be prepared to comply with these rules for the extended deadlines of September 15 and October 15, 2022. In particular Schedule K-2 and Schedule K-3 are massive reports, which require an S corporation to disassemble information from its financial records into multiple subcategories, many of which have never been necessary for taxpayers with no international dealings.

This one-day program uses a two year case study to illustrate the effects of losses in excess of shareholder’s stock and debt basis in the first year (2020) and income in the second year (2021). The case study involves a service corporation with a single shareholder and few separately stated items. It gives hands-on practice filing Form 2553, Form 1120-S with Schedule K-1, Schedule K-2 and Schedule K-3. These new forms are required of many S corporation is for the 2021 taxable year and will likely be required for all S corporations for the 2022 returns. It also demonstrates completion of shareholder Form 7203, required for most S corporation shareholders for 2021 tax returns. Finally, it traces items reported on the shareholder’s Schedule K-1 to Form 1040 and its schedules.

July 14, 2022

Register Now

Date: Thursday, July 14, 2022

Time: 8 a.m. - 5 p.m.

In-Person Pricing: $279 (in-person seminar includes parking, breakfast and lunch)

Livestreaming Pricing: $229 (Register by July 1 to ensure learning materials delivery before July 14)

Where: College of Business

Continuing Education Credits

NE State Board of Public Accountancy
  • Course/Activity Number: 22-146 (8 CPE hours, 0 hours for ethics, approved for In-person)
  • Course/Activity Number: 22-146 (8 CPE hours, 0 hours for ethics, approved for Livestreaming)
Nebraska Supreme Court
  • Course/Activity Number: 232558 (6.66 CLE hours, 0 hours for ethics, approved for In-person)
  • Course/Activity Number: 232560 (6.66 CLE hours, 0 hours for ethics, approved for Livestreaming)
  • Course/Activity Number: NQ6J1-U-00206-22-I (8 CEU hours, 0 hours for ethics, approved for In-Person)
  • Course/Activity Number: NQ6J1-U-00207-22-O (8 CEU hours, 0 hours for ethics, approved for Livestreaming)

Who should Attend?

This is a blended course designed to cover basic and intermediate level information. The morning content is designed for tax preparers who have little or no experience with S corporations. It provides useful information to persons preparing Form 1120S for S corporations. The content is also informative for tax professionals who prepare Form 1040 and for persons who own shares in S corporations. The afternoon content will take a bit deeper dive and is designed to further explore new limits and requirements for the 2021 taxable year. Whether you have limited or considerable experience with S corporations, this program will cover a variety of useful topics.

What will you take away?

  • Hands-on familiarity with Form 2553, which is the only acceptable method to elect S corporation status.
  • Understanding of the S corporation Form 1120S, along with Schedule K-2 required for many S corporations for the 2021 taxable year and likely for all S corporations for 2022.
  • Facility with Form 1120S Schedules K-1 and K-3, which the corporation must provide to the IRS and to each shareholder.
  • Practice preparing newly-introduced Form 7203, the new shareholder basis form required for 2021 returns.
  • Comprehension of the basis limit on deductible losses, and the ability of a shareholder to claim such losses in a subsequent year.

About the Presenter

Robert Jamison Headshot
Rob Jamison Testimony
Robert Jamison, testifying before IRS in February 2019. Dr. Jamison's testimony resulted in the creation of a new tax regulation.

Robert W. Jamison, CPA, Ph.D., is Professor Emeritus of Accounting at Indiana University, Purdue University, Indianapolis (IUPUI). His principal area of specialization is S Corporations. He is the sole author of S Corporation Taxation, and co-author of Multistate Tax Guide to Pass-Through Entities, both of which are published annually by CCH, a Wolters Kluwer business. He is the author of the 2021 edition of Essentials of Federal Income Taxation, published annually by CCH, a Wolters Kluwer business.

He is a well-known author and speaker on S Corporations. He has served on panels with the AICPA National Tax Conference, the Heckerling Institute On Estate Planning, the American Bar Association and other professional organizations. His testimony at a 2019 IRS hearing on Proposed Regulations resulted in a citation in the preamble of the Final Regulations under Code Section 136(j), and an example in a related Regulation under Code Section 1256.

He is curator of Wolters Kluwer Answerconnect Topic “S Corporations” and subtopics thereunder. He has authored materials in Land Grant University Tax Education Foundation, Inc. National Income Tax Workbook and has contributed to Federal Tax Workshop. He presents advanced and update S Corporation seminars for various states' CPA societies and other professional organizations. Bob resides in Leesburg, Virginia. He is a member of the AICPA S Corporation Technical Resource Panel and the Washington, D.C. based S Corporation Study Group. He consults on S corporation and other business entity problems and has secured private letter rulings from the IRS on behalf of clients.

IRS Approved continuing education provider

Tax Institute
P.O. Box 880467
Lincoln, NE 68588-0467