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BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S)

4.6 (30)

J. Patrick Garverick, CFP, CPA

THE GARVS LLC

Monday, March 16, 2020 | 09:00 AM EDT

  • AFSP
  • CPA
  • CVA
  • EA
  • Tax Preparer
  • CTEC

8 Credits

$120

Subject Area

Taxes

Upcoming Webinars

Additional Dates

Jun 18, 2021 | 10:00 AM EDT Register
Jun 25, 2021 | 08:00 AM PDT Register
Jul 02, 2021 | 10:00 AM EDT Register
Jul 09, 2021 | 08:00 AM PDT Register

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

Who Should Attend?

  • Accountant
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Tax Accountant (Industry)
  • Tax Director (Industry)
  • Tax Firm
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Young CPA

Testimonial

Array
(
    [no_of_record] => 30
    [average] => 4.6000
)
 

4.6

(30)
67%
27%
7%
0%
0%

EC

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.

LS

Well organized and presented well.

KW

This was a very informative session. I plan on taking the workshop on the 1065 and the basis class with this instructor.

AV

This course was fantastic. I have been preparing S corp returns for a long time and wanted to brush up on a few things. I really learned some of the missing links. The only reason I have given "agree" instead of "strongly agree" in the course is because Pat did not go over the Balance Sheet part in the course material. He covered page 1, schedule k, schedule m-1, m-2. It would have taken only extra 10 minutes to go over the balance sheet.

MP

.

GS

Great