Course ID: 2

Preparing Form 1120S: Understanding the Basics

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 his/her knowledge to assist clients in tax planning that may involve S corporations.


LEARNING OBJECTIVES
  • The importance of understanding and documenting stock rights and obligations
  • S status election options, including late election relief
  • Separating items to be reported on Page 1 from those reported elsewhere on the Form 1120S
  • Understanding the taxes that may apply to the S corporation itself and how to compute them
  • Computing and reporting the proper pro-rata share of corporate items on shareholders' K1s
  • Be able to determine if the corporation must file Schedule M-3 in lieu of Schedule M-1
  • Computing 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 the 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 Prorata Items
  • Preparing Schedules L
  • Preparing the M Schedules - M-1, M-2 and M-3
  • Preparing Schedule B and Other S Corporation Issues

DESIGNED FOR
Accountants who prepare or will be preparing Forms 1120S

FIELD OF STUDY
Taxes

PREREQUISITES
None

COURSE PRODUCER
Preparing Form 1120S: Understanding the Basics

CPE CREDITS
8.0

LEVEL
1

This course is available for your group as:

Group Live
 

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