Course Details

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Course Description

The objective of this course is to train new, rusty, or returning-to-practice staff to prepare a complicated federal  S Corporation tax return. The course includes a chapter-by-chapter, hands-on approach to completing Form 1120S. As details are discussed within each chapter, information is provided to prepare an intricate Form 1120S. The course and instruction delivery is geared toward a basic understanding and progresses to more complex issues via the “Step-by-Step” approach. The work allows staff to discover the connections between a trial balance and a completed S corporation return, with a filled-in completed Form 1120S provided in the case solutions. 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 Form 1120S using a fairly complex trial balance common to most S corporation income tax returns.

This workshop is suitable for all levels of staff including tax preparers, managers, CPA, enrolled agents, accountants in public accounting firms and also suitable to accountants, controllers, tax managers responsible for filing the form of their company.

Topics Covered

  • Gain a thorough understanding of federal income tax laws for S corporations, from formation to tax return preparation issues
  • Key operational issues of separately stated versus non-separately stated income and expenses
  • The importance of Schedule M-1
  • Accurately account for basis, AAA, and distributions
  • Details on the type of income and deductions that should be reported in Schedule K
  • Properly prepare and allocate items to the K-1 schedule
  • Complete coverage of any new legislation enacted before the presentation
  • Identification of eligible shareholders
  • The requirements to make a timely or late election
  • Master two common tax forms, Depreciation (4562) and Sale of Assets (4797)
  • S corporation reporting oddities
  • Accurately prepare S corporation returns and reconcile book income to taxable income

Learning 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
  • Efficiently use the information gathering process (i.e. asking the right questions) to prepare returns
  • Learn in detail about the preparation of Form 1120S, Schedules M-1, K, and K-1
  • Learn in detail about common business reporting Forms 4562 and 4797

About Presenter

Pat Garverick is a Certified Public Accountant who currently lives in the Phoenix, Arizona area. He began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country.

In addition to being a CPA, Pat is also a Certified Financial Planner (CFP®). This role serves to enhance the knowledge he brings as he writes and presents continuing education material. Mr. Garverick is a member of the Arizona Society of Certified Public Accountants, and the American Institute of Certified Public Accountants. Pat has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. His knowledge, expertise, and high energy have made him one of the profession’s most highly rated speakers. He is in a very small group of instructors that are both extremely knowledgeable and interesting.

During his time in college Pat earned a letter as a member of the Ohio State Basketball squad. He remains a stanch supporter of the sports programs at his alma mater.

Phoenix Beach was developed to provide comprehensive and up-to-date educational content for business professionals of all types. As part of our mission we strive to make sure that the material we present is delivered by knowledgeable and skilled instructors so our session participants receive a great educational experience and value.

FAQ

  • To receive CPE credit for the event, you must register for the webcast prior to the start of each program.
  • CPE is available to all eligible participants within 24 hours of each webinar.

Refund/Cancellation Policy

For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128

In case any of the course or live webinars gets cancelled we would be refunding you the entire amount (if paid).

Reviews

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  • EC
    Elaine Cirillo , EA
    Dec 17th 2019
    Patrick did a phenomenal job in giving in depth webinar on the intricacies of the S Corp taxation. It is always great to understand the IRS insights regarding their taxation processes. Thanks myCPE again for bringing an informative presentation.
HE
Holly Evans , CPA
Instructor was very knowledgeable about the topic. I would like to learn more from him. I believe the instructor going a bit too fast, and there were several documents to switch back and forth from. It is the main contributor to my 3 star review.

NASBA Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

IRS Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary

CTEC Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

upcoming Live CPE Webinars

Lucrative Real Estate Tax Strategies
Monday, March 02, 2020 | 10:30 AM EST View Details/Register
QuickBooks: Setting Up a Chart of Accounts
Monday, March 02, 2020 | 12:00 PM EST View Details/Register
PRE-IMMIGRATION TAX PLANNING STRATEGIES
Monday, March 02, 2020 | 12:00 PM EST View Details/Register
TIMESHEETS.COM: EASILY TRACK BILLABLE TIME & EXPENSE THAT SEAMLESSLY INTEGRATES QUICKBOOKS DESKTOP & ONLINE
Monday, March 02, 2020 | 12:00 PM EST View Details/Register
TAXATION FOR CANNABIS INDUSTRY (IRC 280E, Types of Entities, Opportunity Zones, 199A, R&D Credit etc.)
Monday, March 02, 2020 | 02:00 PM EST View Details/Register
ACCOUNTANTS & CPA FIRMS - 4 STEPS TO GAIN, RETAIN & EXPAND HIGH VALUE CLIENTS
Monday, March 02, 2020 | 04:00 PM EST View Details/Register
TAXATION OF PONZI CLAWBACKS & TAX REFUND FROM PONZI
Tuesday, March 03, 2020 | 11:00 AM EST View Details/Register
Why Put a Canary in a Coal Mine? - Measure what matters
Tuesday, March 03, 2020 | 12:00 PM EST View Details/Register
Annuity Basics with 2020 updates
Tuesday, March 03, 2020 | 02:00 PM EST View Details/Register
CIRCULAR 230 ETHICS (UPDATED 2019)
Tuesday, March 03, 2020 | 02:30 PM EST View Details/Register
TAXATION OF US EXPATRIATES: TAX YEAR 2019
Tuesday, March 03, 2020 | 03:30 PM EST View Details/Register
Email security for the small firm
Wednesday, March 04, 2020 | 09:00 AM EST View Details/Register
MAXIMIZE YOUR SAVINGS POTENTIAL THROUGH HEALTH SAVINGS ACCOUNTS (HSAS)
Wednesday, March 04, 2020 | 10:30 AM EST View Details/Register
Measuring and Managing Customer Profitability
Wednesday, March 04, 2020 | 12:00 PM EST View Details/Register
SEC Enforcement of Accounting and Reporting Regulation
Wednesday, March 04, 2020 | 01:00 PM EST View Details/Register
  • Cost $120
  • CPE Credits 8
  • CE Credits 8
  • IRS Course ID GEHNZ-T-00073-19-O
  • CTEC Course ID 6273-CE-0049
  • Subject Area Taxes
  • Course Level Intermediate
  • Instructional Method group internet based
  • Prerequisites Basic Knowledge Of S Corp Taxation
  • Advanced Preparation
  • Who should attend? Tax Practitioners Accountant CPA - Small Firm CPA - Mid Size Firm Tax Pros CPA (Industry) Tax Firm Young CPA CPA in Business Entrepreneurial CPA Tax Accountant (Industry) Tax Director (Industry) Entrepreneurial Accountant Tax Preparer
  • Handout Material Download

upcoming Live CPE Webinars

Lucrative Real Estate Tax Strategies
Monday, March 02, 2020 | 10:30 AM EST View Details/Register
QuickBooks: Setting Up a Chart of Accounts
Monday, March 02, 2020 | 12:00 PM EST View Details/Register
PRE-IMMIGRATION TAX PLANNING STRATEGIES
Monday, March 02, 2020 | 12:00 PM EST View Details/Register
TIMESHEETS.COM: EASILY TRACK BILLABLE TIME & EXPENSE THAT SEAMLESSLY INTEGRATES QUICKBOOKS DESKTOP & ONLINE
Monday, March 02, 2020 | 12:00 PM EST View Details/Register
TAXATION FOR CANNABIS INDUSTRY (IRC 280E, Types of Entities, Opportunity Zones, 199A, R&D Credit etc.)
Monday, March 02, 2020 | 02:00 PM EST View Details/Register
ACCOUNTANTS & CPA FIRMS - 4 STEPS TO GAIN, RETAIN & EXPAND HIGH VALUE CLIENTS
Monday, March 02, 2020 | 04:00 PM EST View Details/Register
TAXATION OF PONZI CLAWBACKS & TAX REFUND FROM PONZI
Tuesday, March 03, 2020 | 11:00 AM EST View Details/Register
Why Put a Canary in a Coal Mine? - Measure what matters
Tuesday, March 03, 2020 | 12:00 PM EST View Details/Register
Annuity Basics with 2020 updates
Tuesday, March 03, 2020 | 02:00 PM EST View Details/Register
CIRCULAR 230 ETHICS (UPDATED 2019)
Tuesday, March 03, 2020 | 02:30 PM EST View Details/Register
TAXATION OF US EXPATRIATES: TAX YEAR 2019
Tuesday, March 03, 2020 | 03:30 PM EST View Details/Register
Email security for the small firm
Wednesday, March 04, 2020 | 09:00 AM EST View Details/Register
MAXIMIZE YOUR SAVINGS POTENTIAL THROUGH HEALTH SAVINGS ACCOUNTS (HSAS)
Wednesday, March 04, 2020 | 10:30 AM EST View Details/Register
Measuring and Managing Customer Profitability
Wednesday, March 04, 2020 | 12:00 PM EST View Details/Register
SEC Enforcement of Accounting and Reporting Regulation
Wednesday, March 04, 2020 | 01:00 PM EST View Details/Register