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BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S)

4.5 (126)

J. Patrick Garverick, CFP, CPA

THE GARVS LLC

Friday, July 10, 2020 | 09:00 AM EDT

  • AFSP
  • CPA
  • EA
  • Tax Preparer
  • CTEC

8 Credits

$120

Subject Area

Taxes

Webinar Qualifies For

8 CPE credit of Taxes for all CPAs

8 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-T-00073-19-O)

8 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273) (Approval No. 6273-CE-0049)

8 CE credit of Federal Tax for Oregon Tax Preparers (Approval No. GEHNZ-T-00073-19-O)

8 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-T-00073-19-O)

8 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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
  • Accounting Practice Owners
  • Chief Accounting Officer
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Entrepreneurial Accountant
  • Senior Accountant
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Practitioners
  • Tax Pros

Testimonial

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(
    [no_of_record] => 126
    [average] => 4.4603
)
 

4.5

(126)
63%
23%
10%
4%
0%

WM

The quality of the webinar was really great J Patrick has provided alot of clarity on 1120S where he introduced to the latest updates of the changes in taxes. The session had a great long enough time to understand everything step by step to know the differences of tax treatments.

TS

This is the best course I've ever seen about the business tax preparation topic on myCPE. It teaches you how to solve the REAL problems in both bookkeeping and tax preparation. Thanks Patrick very much for sharing your experience and skills.

JL

Great presentation by Mr.J.Patrick. He is the man of taxes. He teaches a variety of courses for different business entities. I had attended his previous courses on myCPE and they are all great. I will use his great experiences to increase my own accounting experiences. I will do small business clients that are S Corps, partnerships, C Corps, or LLCs. I will take more courses from him.

KM

I already viewed the Partnerships class by Mr.Patrick. After going through both, I see the methodology a lot better. He explained in very systematic approach to tackle business taxes, including a logical way to create a back-up in Excel.

DS

This course was very nice. The only thing that was difficult is we aren’t able to pause the video. There were times I had to answer the door or go bathroom and whatever I missed during that time was gone. The instructor does really good with repeating certain things.

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.