Course ID: PF0S

Preparing Form 1120S: Eliminating Common Mistakes

The most popular entity type for “for profit” organizations is the S corporation. This course looks at the issues that arise in the preparation of Form 1120S for an S corporation from the perspective of an accountant who is comfortable with basic business taxation provisions and is preparing the tax return for an S corporation. The course will also provide the core knowledge needed for the CPA to be ready to expand her knowledge to assist clients in tax planning that may involve S corporations.


LEARNING OBJECTIVES
  • Understand the importance of documenting stock rights and obligations
  • Distinguish S status election options, including late election relief
  • Separate items to be reported on Page 1 from those reported elsewhere on the Form 1120S
  • Understand the taxes that may apply to the S corporation itself and how to compute them
  • Compute and report the proper pro-rata share of corporate items on shareholders’ K1s
  • Determine if the corporation must file Schedule M-3 in lieu of Schedule M-1
  • Compute an S corporation’s accumulated adjustment account to report on Schedule M-2 and understand the uses of the AAA account

MAJOR TOPICS
  • What the accountant needs to know before preparing Form 1120S for the corporation
  • Preparing Form 1120S Page 1-income and expense from a trade or business
  • Preparing Form 1120S Page 1-taxes that may apply to the S corporation
  • Preparing Form 8825-reporting rental income and expenses
  • Preparing Schedules K and K-1-shareholders pro rata items
  • Preparing Schedule L
  • Preparing the M Schedules-M-1, M-2, M-3
  • Preparing Schedule B and other S corporation issues

DESIGNED FOR
Accountants who prepare or will be preparing Forms 1120S. May also be suitable for accountants in public practice or controllers of partnerships.

FIELD OF STUDY
Taxes

PREREQUISITES
None

COURSE PRODUCER
Loscalzo Associates

CPE CREDITS
8.0

LEVEL
Intermediate
 

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