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Best Tax Return Workshop On S Corporation (1120S) - 2020 Updates

4.5 (131)

J. Patrick Garverick, CFP, CPA (US)

The Garvs, LLC

  • AFSP
  • CPA (US)
  • EA
  • Tax Preparer
  • Oregon Tax Preparer
  • CTEC

Published: October, 2020

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-S)

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 Law for 2021 Annual Filing Season Certificate program( IRS Approved : GEHNZ )

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

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

8 General Educational credit for Tax Professionals / Bookkeepers / Accountants

You need to register for the webinar to watch the video.

Click Here to Register

Before starting this self study program, please go through the instructional document.

The topic is also scheduled as live webinar on the following dates

Aug 06, 2021 | 11:00 AM EDT Register

Overview

  • Learning about Quick Reference Charts
    8 mins
  • Accounting Periods Overview
    34 mins
  • Tax Treatment for Transferee Corporation
    73 mins
  • Talked About Fringe Benefits
    155 mins
  • S Corporation Reasonable Copansensation Issue
    208 mins
  • What is Net Investment Income Tax
    250 mins
  • Aggregation Rules
    303 mins
  • General Ordering Rules
    363 mins

Course Description

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 the Form 1120S using a fairly complex trial balance common to most S corporation income tax returns. This 8 hour CPE webinar 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.

This webinar is taught using a Hands-On methodology.  Using a comprehensive trial balance, the participant will walk through the steps to prepare a complete and accurate Form 1120S (and related schedules).

Major topics covered in the webinar are : 

  • An extensive review of the S corporation tax laws with an emphasis on any new legislative 
  • Schedule K analysis– determine if income statement items are separately (i.e. schedule K) or non-separately stated income and expense items
  • Discuss how to schedule K items to get allocated to shareholders on their schedule K-1s
  • Look at detailed Schedule K-1 information reporting to shareholders needed for the qualified business income (QBI) deduction, 3.8% net investment income tax and business interest expense limitations
  • Talk about the unreasonably low officer compensation issues
  • Learn the special tax treatment of fringe benefits paid to 2% shareholders and family members
  • Schedule M-1 – calculate the reconciliation of income or loss per books with income or loss per income tax return
  • Schedule M-2 – detailed step-by-step calculation of the AAA, PTI, E&P and OAA accounts
  • Basic overview of the tax treatment of distributions including when an S corporation has prior C corporation earnings and profits (E&P)
  • Review the importance and basics of calculating a shareholder’s stock and debt basis
  • Basic overview of the potential S corporation built-in gains tax from the conversion of a C to S corporation

J. Patrick Garverick is one of the most admired and best-reviewed Tax Speaker in the country and we are offering the classes at a much-discounted price during the pandemic. His courses have been best-reviewed time and again 

  • For Quality of Content
  • For Relevance and Practical Case studies
  • For Best Teaching Approach
  • For Best Course Material

Awards and Accolades

  • Award for Instructor Excellence for California Education Foundation
  • Award for Outstanding Course materials for California Education Foundation.
  • Rated top tax instructor in nearly every location he has presented 
  • One of the few instructors to have received perfect scores (multiple times) from attendees for both presentation skills and knowledge. 

After registering for this webinar you will get Free E-Book worth $200. The book would be emailed to you, a day before the webinar on your registered email address on myCPE. The book is copyright protected.

Learning Objectives

  • To prepare a complete Form 1120S income tax return and related schedules with minimal review points
  • To explore the S corporation income tax law from a tax-form perspective
  • To use the information gathering process efficiently (i.e. asking the right questions) to prepare returns
  • To recall the preparation of Form 1120S, Schedules M-1, K, and K-1 in detail
  • To recognized common business reporting Forms 4562 and 4797 in detail

Who Should Attend?

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

Testimonial

4.5

(131)
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.