Hands-On Tax Return Workshop - S Corporations (Form 1120S)
Thursday, November 21, 2024
Webcast or Webinar, Online
10:00AM - 5:38 PM (opens at 9:30 AM) EST
8Credits
Technical Business
Registration is Open
Members
$300.00 Regular Price
Non-Members
$400.00 Regular Price
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Course Type: Webcast
Course Code: 24/AC885177
Level: Basic
Vendor: ACPEN
Field of Study: Taxes
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
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)
Major Topics:
- 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
Major Topics:
- 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