Form 1120S - Preparation and Analysis

Overview

This course provides an in-depth exploration of Form 1120S, the tax return form used by S corporations. Students will learn the intricacies of preparing and analyzing this form, including how to determine the taxable income of the S corporation, how to properly report and allocate income, deductions, and credits, and how to calculate the shareholder’s basis in the S corporation.

Highlights

Understanding the definition and requirements of an S corporation, the benefits and limitations of choosing this entity type, and the eligibility requirements for shareholders. Income and Deductions: Understanding the different types of income and deductions that an S corporation can have, including ordinary income, capital gains and losses, depreciation, and expenses. Shareholder Basis: Understanding the shareholder’s basis in the S corporation, how to calculate it, and the impact of distributions on the basis. Reporting Requirements: Understanding the different reporting requirements for Form 1120S, including Schedule K-1, Schedule L, Schedule M-2, and Schedule M-3. Tax Planning: Understanding the tax planning strategies available to S Corporations and their shareholders,including tax deferral, income shifting, and tax-free reorganizations.

Prerequisites

None

Designed For

CPAs, EAs, attorneys, bankers, and financial planners

Objectives

At the end of this course, you will be able to: Discuss Form 1120S and the skills necessary to prepare the form for S corporations Prepare for 1120S

Notice

Approved for EA Credits