Two-Part Meeting: Form 7203 and S Corporation Basis and Preparing a business return from your client’s QuickBooks statements
Central Valley Chapter In-Person Meeting

Date/Time:

Tuesday, November 22, 2022
Part One: Form 7203 and S Corporation Basis - 2:00 PM to 5:30 PM
Part Two: Preparing a business return from your client’s QuickBooks statements - 6:00 PM to 8:00 PM 

Location:

Residence Inn
2801 Healthcare Way
Modesto, CA 95356

Topic: 

Part One: Form 7203 and S Corporation Basis
New Form 7203 is now required for most 1040 forms that include a K-1 from an S corporation. In this course, we'll go over the requirements for Form 7203 as well as the instructions for filing the form. We'll cover how to calculate stock basis and loan basis for an S corporation, what the basis ordering rules are, and how to report losses limited by basis. Finally, we’ll use a comprehensive example using an S corporation K-1 to prepare the 7203 and then report it on the 1040.

Part Two: Preparing a business return from your client’s QuickBooks statements
QuickBooks has made bookkeeping simpler for our business clients, so they can easily print up an Income Statement and Balance Sheet and give it to us to prepare the tax return. Unfortunately, these statements often contain errors – items are misclassified, or duplicated, or omitted. In this class, we’ll look at real life examples of common errors on QuickBooks statements and how to correct them so we can prepare an accurate tax return.

Presenters:

Linda Dong, EA
Linda Dong graduated with honors from the University of Illinois in Chicago with a degree in Accounting. She went to work for the IRS, where she received a very thorough training in taxes and began auditing corporations. Not liking the adversarial relationship inherent in tax audits, Linda left the IRS and started a tax and accounting practice from her home. She grew her practice to include four employees, but eventually downsized and is now once again a sole practitioner working out of her home office. She provides tax and accounting services to individuals, small businesses, and nonprofit organizations.

CPE Information:

Part One
4 Federal Law hours (Topics covering existing tax law)

IRS: 18QC1-T-01738-22-I
CTEC: 1000-CE-5159

Knowledge Level: Intermediate (Basic knowledge helpful)

Part Two
2 Federal Law hours (Topics covering existing tax law)

IRS: 18QC1-T-01739-22-I
CTEC: 1000-CE-5160

Knowledge Level: Intermediate (Basic knowledge helpful)

Cost:

Part One ONLY
Registration Fee (Member): $55
Registration Fee (Non-Member): $85

Part Two ONLY
Registration Fee (Member): $40
Registration Fee (Non-Member): $70

BOTH Webinars
Registration Fee (Member): $70
Registration Fee (Non-Member): $100

Registration:

Please call De Vaney Business Services at 209-524-4345 or email [email protected] to register for this meeting. 

Cancellation and Refund Policy for Meeting Purchase:
Written cancellations will be accepted up to three (3) business days before the course begins for a full refund. Please email your request to [email protected]. No refunds will be given if cancellation notice is received later than three (3) business days before the course begins, or for no-show registrants.

This presentation has been designed to meet the requirements of the Return Preparer Office, the California State Board of Accountancy; and the California Tax Education Council including code 31 of Federal Regulations10.6 (g). This does not constitute an endorsement by these groups. A listing of additional requirements to renew tax preparer registration may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA. 95812- 2890, or phone CTEC at (877) 850-2832, or on the Internet at www.ctec.org.