Don Farmer's Preparing Form 1120S: Mastering S Corporation Returns

Overview

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Join us for a fast-paced, interactive seminar where tax prep meets entertainment. We’ll break down the essentials of preparing Form 1120S, share real-world examples, and sprinkle in humor and practical tips to keep things lively. Whether you're a seasoned pro or looking to sharpen your skills, this seminar will make S corporation returns feel surprisingly fun.

This course is part of a two-seminar series. Take it as a stand-alone seminar or sign up for the entire series for a comprehensive passive activity training.

Highlights

• When must an S corporation return be filed?
• How to answer questions on Schedule B of the return.
• When must Schedule 1125-E (officers’ compensation) be filed? What information is reported?
• Answering Form 1120S questions on passive activity grouping.
• How to determine the amount of “reasonable compensation” shareholders should receive.
  And a special rule for shareholders who have minimal involvement in the S corporation’s business.
• How to eliminate late-filing penalties for S corporation returns

Prerequisites

Some experience in the federal taxation of S corporations.

Objectives

• Learn how to complete Form 1120-S on a line-by-line basis.
• Identify strategies to eliminate late-filing penalties for S corporation returns.
• Recognize how to determine how to answer Form 1120-S questions on passive activity grouping.
• Determine how to correctly answer questions on Schedule B of Form 1120S.