Navigating Form 1120S: Top 10 Mistakes and How to Avoid Them! 2 Credits
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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.
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.
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 |
| 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 |
| Tax Planning for Certified Financial Planner (CFP-US) (Approval No. 332261) (Valid upto : Dec 31, 2025) | 2 CE | Approved |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-02055-24-S) | 2 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 2 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-02055-24-S) | 2 CE | Approved |
| 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 |
| 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 |
| Tax Planning for Certified Financial Planner (CFP-US) (Approval No. 332261) (Valid upto : Dec 31, 2025) | 2 CE | Approved |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-02055-24-O) | 2 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 2 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-02055-24-O) | 2 CE | Approved |
| 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
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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.
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).
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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.
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