Navigating Form 1120S: Top 10 Mistakes and How to Avoid Them! 2 Credits
Select your learning mode
As a business owner, filing taxes can be a daunting task. Staying on top of your tax obligations is essential to avoid complications. Form 1120-S is crucial in reporting S corporations’ income, losses, and deductions. It’s essential to understand what this form is, who needs to file it, and how to do it correctly to ensure your business stays compliant with the IRS.
This CPD Course will delve into the intricacies of Form 1120S and explore the top 10 common mistakes that can lead to costly errors and IRS scrutiny. It will also provide a comprehensive overview of critical areas such as reasonable compensation, the conversion process to S Corp, and the essential aspects of tracking shareholder basis.Â
Additionally, we'll cover crucial topics such as fringe benefits for 2% owners, proportional allocations, and the impact of shareholder-level passive losses under section 469 rules. By mastering these areas, you'll be better equipped to guide your clients or manage your S corporation confidently and accurately. To round out the course, we'll examine the built-in gains (BIG) tax, including its implications for former C corporations that elect S status, and the importance of consistent presentation of financial information year over year. This webinar is not just about identifying mistakes but also about providing practical solutions and strategies to avoid them.Â
Key topics discussed:
Whether you're a seasoned tax professional or new to S corporation management, this webinar will equip you with the knowledge and tools necessary to navigate the complexities of Form 1120S successfully and ensure your S corporation filings are error-free and IRS-compliant.
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 2 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-02055-24-S) | 2 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-02055-24-S) | 2 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1641) | 2 CE | Approved |
| Tax Planning for Certified Financial Planner (CFP-US) (Approval No. 332261) (Valid upto : Dec 31, 2025) | 2 CE | Approved |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 2 CPE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-02055-24-S) | 2 CE | Approved |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-02055-24-S) | 2 CE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-02055-24-S) | 2 CE | Approved |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 2 CPE | Eligible |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 2 CPE | Eligible |
| Chartered Life Underwriter (CLU) | 2 CE | Eligible |
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 2 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-02055-24-O) | 2 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-02055-24-O) | 2 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1641) | 2 CE | Approved |
| Tax Planning for Certified Financial Planner (CFP-US) (Approval No. 332261) (Valid upto : Dec 31, 2025) | 2 CE | Approved |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 2 CPE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-02055-24-O) | 2 CE | Approved |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-02055-24-O) | 2 CE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-02055-24-O) | 2 CE | Approved |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 2 CPE | Eligible |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 2 CPE | Eligible |
| Chartered Life Underwriter (CLU) | 2 CE | Eligible |
Credits
2
Course Level
Advanced
Instructional Method
QAS Self Study
Group Internet Based
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 aintenance 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.
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.
Looking to fulfill your Enrolled Agent (EA) Continuing Education (CE) requirements? MY-CPE online Enrolled Agent CE courses are the best for you. Earn EA CE credits while enhancing your domain knowledge and expertise in diverse tax regulations and practices. Our courses are designed to provide you with the latest updates and deep insights to keep you ahead in your field. With flexible scheduling and a user-friendly platform, MY-CPE offers you a greater convenient and interactive learning experience. Join MY-CPE today and take the next step in advancing your career as an Enrolled Agent.Â
Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the AICPA’s Tax Executive Committee. Nicholas is an adjunct professor at the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).
What is Self Study (QAS)?
Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.
How do I earn CPE credits through self-study?
To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.
Are the self-study courses approved by NASBA and other regulatory bodies?
Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.
What are the requirements to maintain compliance with self-study courses?
To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.
How can I access my course completion certificates?
After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
How are credits reported to governing bodies?
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
What is a Live Webinar Group Internet-Based Credit?
A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.
How do I earn credits through live webinars?
To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.
Are the live webinars approved by NASBA and other regulatory bodies?
Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.
What are the requirements to maintain compliance with live webinar courses?
To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
How can I access my webinar completion certificates?
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
How are credits reported to governing bodies?
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
PSW
I HAD MY MEMORY TWEAKED QUITE A BIT...WHICH IS VERY IMPORTANT TO ME. THE COURSE GAVE ME ITEMS TO PURSUE SUCH AS GETTING A WRITTEN ACCOUNTABLE PLAN OUT TO MY S CORPS ALONG WITH A CLAIMS FORM FOR REPORTING EXPENSES. I USED TO HAVE ONE BUT SOMEHOW STOPPED DOING THIS. DONT HAVE A LOT OF NEW CORPS BUT I AM SO GLAD TO BE REMINDED OF THIS. GLAD FOR THE INFORMATION.
AB
Understanding 1120S form for filing the tax returns are important for a Tax Preparer. This webinar explains really well the common mistakes done in the preparation of the Tax reruns for S-Corp and shows how to avoid the mistakes.
Mar 19, 09:00 AM ET
Mar 19, 09:30 AM ET
Mar 19, 10:00 AM ET
Mar 19, 10:00 AM ET
Mar 19, 10:00 AM ET
Mar 19, 10:00 AM ET
Inclusions
Multiple Credits
Earn continuing education credits with flexibility. Choose from live webinars, on-demand courses, e-books, or podcasts to fit your learning style and schedule.
Certifications & Reporting
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days - fastest in the industry.
Credit Tracker
Track and manage your compliance across all 50 states and over 100 designations. Our Credit Tracker keeps your CPE credits and compliance requirements always up-to-date.
Certificate Vault
Certificate Vault to upload, manage, and access certificates earned from various sources and an integrated credit tracker, allowing users to monitor and manage their credits conveniently for compliance.
Compliance Reminders
Stay current with our automated reminder system. Receive timely alerts for your CPE requirements, ensuring you never miss a deadline.
Mobile App Access
The myCPE Mobile App allows you to learn on the go, providing access to educational content on Android and Apple iOS devices. You can learn anytime and anywhere, making it convenient for busy schedules.
Live Support
Our support team is available via live chat, email, and phone from 9 AM to 5 PM ET. We're here to help with any questions or issues, ensuring you have a seamless experience.
Exclusive mobile
app for our unlimited
access subscribers
Select your plan, complete your payment, and access a world of knowledge.
| Subscription Inclusions | Silver | Gold |
|---|---|---|
15,000+ Hrs of CPE approved Content
Largest content library covering all aspects of professional development. |
 |
|
|
500+ Emerging Subject Areas
Wide range of subject areas tailored to meet diverse learning needs of all the department of the firm. |
|
|
|
50+ State- Specific Ethics Courses
Stay compliant with ethics requirements for every state. |
|
|
|
50+ State Compliance Packages
Pre-selected courses for quick compliance, saving time and effort. |
|
|
|
100+ Advanced Certification Programs
Expert-led programs to build advanced expertise and strengthen your career credentials. |
|
|
|
AICPA Eligibility Programs (CFF, ABV, PFS)
Pre-Packaged Eligibility Courses for AICPA designations such as PFS, ABV, and CFF, offering CPE credits upon completion. |
|
|
|
Compliance Tracker and Credit Vault
Store all your certificates in one place, stay compliance-ready with ease, and track your progress effortlessly using the built-in credit tracker. |
|
|
|
Instant Certification and Fast Reporting
Instant reporting to IRS, CFP Board, and other governing bodies. |
|
|
| Mobile App Access (iOS and Android) | |
|
|
Access to Communities
Join communities tailored to your specific interests and areas of expertise. |
 |
|
|
Select Tenure |
Congratulations!
Error!
