Hands-On Tax Return Workshop - S Corporations (Form 1120S)

Overview

This case-driven training is designed to get the inexperienced accountant up to speed quickly in the most common areas of S-corporation taxation. The cornerstone of this course is the preparation of the Form 1120S using a fairly complex trial balance common to most S corporation income tax returns.

**Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com

Highlights

• Extensive review of the S corporation income tax laws with an emphasis on any new legislative
• Schedule K analysis– determine if income statement items are separately (i.e. schedule K) or non-separately stated income and expense items
• Discuss how schedule K items get allocated to shareholders on their schedule K-1s
• Look at detailed Schedule K-1 information reporting to shareholders needed for the qualified business income (QBI) deduction, 3.8% net investment income tax and business interest expense limitations
• Talk about the unreasonably low officer compensation issues
• Learn the special tax treatment of fringe benefits paid to 2% shareholders and family members
• Schedule M-1 – calculate the reconciliation of income or loss per books with income or loss per income tax return
• Schedule M-2 – detailed step-by-step calculation of the AAA, PTI, E&P and OAA accounts
• Basic overview of the tax treatment of distributions including when a S corporation has prior C corporation earnings and profits (E&P)
• Review the importance and basics of calculating a shareholder’s stock and debt basis
• Basic overview of the potential S corporation built in gains tax from the conversion of a C to S corporation

Prerequisites

None

Designed For

Tax return preparers, staff accountants, and paraprofessionals with little or no experience and out of practice public accountants seeking a basic tax return preparation course.

Objectives

• Prepare a complete Form 1120S income tax return and related schedules with minimal review points
• Understand the S corporation income tax law from a tax-form perspective and become more knowledgeable with the information gathering process (i.e. asking the right questions)

Preparation

None

Notice

This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by Accounting Continuing Professional Education Network (ACPEN).