MYCPE ONE

Training in Individual 1120S Tax Compliance and Planning

Power Through Formation to Final Reporting

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3897

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Published on March, 2026
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Multiple

Qualifications 

40

Credits

40 Hours

Learning Duration

$299

Training Program Access

Overview

What You’ll learn

How well do you really know S Corporation Taxes? This hands-on training is designed for CPAs, EAs, and tax professionals who prepare or review Form 1120S. You’ll explore critical concepts from basis tracking to liquidation strategies. Gain the expertise to analyze shareholder positions, interpret K-1 data, and stay current with annual federal tax updates.

Get Deeper Understanding of:
  • Entity classification impacts on tax reporting strategies
  • Shareholder-level implications of S Corporation elections
  • Treatment of fringe benefits and reasonable compensation
  • The role of AAA, OAA, and PTI in distributions
  • Key tax differences between C Corps and S Corps
Recommended For:
  • CPAs, EAs, and tax advisors experienced in entity Taxes seeking advanced knowledge in Schedule K-1 analysis, basis tracking, and S Corporation distributions—this course goes far beyond beginner-level Form 1120S preparation.
  • Professionals in public accounting, corporate finance, or tax compliance who work with S Corporation clients or pass-through entities and want to enhance their return preparation accuracy and reporting proficiency.
  • Individuals aiming to sharpen their understanding of S Corporation structures, tax treatment, and lifecycle planning, including those pursuing roles in tax advisory, entity compliance, or business structuring.
Resources included
  • Handout PDFs for every Module.
  • Glossary/Key Terms for every module.
  • Q&A directly with instructors.

Courses

Basis Calculations & Distributions For Pass-thru Entity Owners Schedule K-1 AnalysisS Corporation Preparation, Basis Calculations & Distributions – Form 1120S Schedule K & K-1 AnalysisS Corporation - (Form 1120S) - Formation to LiquidationBest Tax Return Workshop On S Corporation (1120S)Annual Federal Tax Update - C & S Corporations, Partnerships & LLCs (Forms 1120, 1120S & 1065)
Course Title Time Credits Learning Format
8 Hours
License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 8 CPE Approved
Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-02648-25-S) 8 CE Approved
Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-02648-25-S) 8 CE Approved
Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-02138) 8 CE Approved
Taxes for Personal Financial Specialist (PFS) 8 CPD Eligible
Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-02648-25-S) 8 CE Approved
Taxation for Chartered Financial Consultant (ChFC) 8 CE Eligible
Taxes for Delaware Licensed Public Accountant (DE-LPA) 8 CPE Approved
Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-02648-25-S) 8 CE Approved
Federal tax-related matters for LTC (Approval No. GEHNZ-T-02648-25-S) 8 CE Approved
Taxes for Retirement Income Certified Professional (RICP) 8 CE Eligible
Taxes for Financial Services Certified Professional (FSCP) 8 CE Eligible
Taxes for Wealth Management Certified Professional (WMCP) 8 CE Eligible
Taxes for Chartered Advisor in Senior Living (CASL) 8 CE Eligible
Taxes for Iowa Licensed Public Accountant (IA-LPA) 8 CPE Approved
Taxes for Maine Licensed Public Accountant (ME-LPA) 8 CPE Approved
Taxes for Chartered Special Needs Consultant (ChSNC) 8 CE Eligible
License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 8 CPE Approved
Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-02648-25-S) 8 CE Approved
Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-02648-25-S) 8 CE Approved
Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-02138) 8 CE Approved
Taxes for Personal Financial Specialist (PFS) 8 CPD Eligible
Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-02648-25-S) 8 CE Approved
Taxation for Chartered Financial Consultant (ChFC) 8 CE Eligible
Taxes for Delaware Licensed Public Accountant (DE-LPA) 8 CPE Approved
Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-02648-25-S) 8 CE Approved
Federal tax-related matters for LTC (Approval No. GEHNZ-T-02648-25-S) 8 CE Approved
Taxes for Retirement Income Certified Professional (RICP) 8 CE Eligible
Taxes for Financial Services Certified Professional (FSCP) 8 CE Eligible
Taxes for Wealth Management Certified Professional (WMCP) 8 CE Eligible
Taxes for Chartered Advisor in Senior Living (CASL) 8 CE Eligible
Taxes for Iowa Licensed Public Accountant (IA-LPA) 8 CPE Approved
Taxes for Maine Licensed Public Accountant (ME-LPA) 8 CPE Approved
Taxes for Chartered Special Needs Consultant (ChSNC) 8 CE Eligible
On Demand (video)
  • Identify reasons for calculating basis in S corps and partnerships/LLCs, including loss limits, distributions, and gain on sale.
  • Calculate basis and losses for shareholders and partners/members, including at-risk limitations.
  • Review K-1s from Forms 1120S and 1065 to determine basis impacts and 1040 reporting.
8 Hours
License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 8 CPE Approved
Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-02824-25-S) 8 CE Approved
Federal Tax Law Update for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-U-02824-25-S) 8 CE Approved
Tax Planning for Certified Financial Planner (CFP-US) (Approval No. 345620) (Valid upto : Dec 31, 2026) 8 CE Approved
Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-02310) 8 CE Approved
Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-02824-25-S) 8 CE Approved
Taxes for Delaware Licensed Public Accountant (DE-LPA) 8 CPE Approved
Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-02824-25-S) 8 CE Approved
Federal Tax Law Update for LTC (Approval No. GEHNZ-U-02824-25-S) 8 CE Approved
Taxes for Iowa Licensed Public Accountant (IA-LPA) 8 CPE Approved
Taxes for Maine Licensed Public Accountant (ME-LPA) 8 CPE Approved
License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 8 CPE Approved
Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-02824-25-S) 8 CE Approved
Federal Tax Law Update for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-U-02824-25-S) 8 CE Approved
Tax Planning for Certified Financial Planner (CFP-US) (Approval No. 345620) (Valid upto : Dec 31, 2026) 8 CE Approved
Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-02310) 8 CE Approved
Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-02824-25-S) 8 CE Approved
Taxes for Delaware Licensed Public Accountant (DE-LPA) 8 CPE Approved
Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-02824-25-S) 8 CE Approved
Federal Tax Law Update for LTC (Approval No. GEHNZ-U-02824-25-S) 8 CE Approved
Taxes for Iowa Licensed Public Accountant (IA-LPA) 8 CPE Approved
Taxes for Maine Licensed Public Accountant (ME-LPA) 8 CPE Approved
On Demand (video)
  • Review the changes in reporting foreign taxes paid or accrued on Schedule K and K-1.  
  • Explain how the Schedule K items get allocated to the shareholders on their Schedule K-1. 
  • Analyze how The Inflation Reduction Act of 2022 extended 461(l) for 2 years through 2028.
8 Hours
License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 8 CPE Approved
Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-02798-25-S) 8 CE Approved
Federal Tax Law Update for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-U-02798-25-S) 8 CE Approved
Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-02284) 8 CE Approved
Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-02798-25-S) 8 CE Approved
Taxes for Delaware Licensed Public Accountant (DE-LPA) 8 CPE Approved
Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-02798-25-S) 8 CE Approved
Federal Tax Law Update for LTC (Approval No. GEHNZ-U-02798-25-S) 8 CE Approved
Taxes for Iowa Licensed Public Accountant (IA-LPA) 8 CPE Approved
Taxes for Maine Licensed Public Accountant (ME-LPA) 8 CPE Approved
License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 8 CPE Approved
Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-02798-25-S) 8 CE Approved
Federal Tax Law Update for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-U-02798-25-S) 8 CE Approved
Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-02284) 8 CE Approved
Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-02798-25-S) 8 CE Approved
Taxes for Delaware Licensed Public Accountant (DE-LPA) 8 CPE Approved
Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-02798-25-S) 8 CE Approved
Federal Tax Law Update for LTC (Approval No. GEHNZ-U-02798-25-S) 8 CE Approved
Taxes for Iowa Licensed Public Accountant (IA-LPA) 8 CPE Approved
Taxes for Maine Licensed Public Accountant (ME-LPA) 8 CPE Approved
On Demand (video)
  • Evaluate formation requirements, eligibility, and basis calculations for S corporations.
  • Analyze allocation of Schedule K/K-1 items and impact on shareholder basis.
  • Outline compensation rules, fringe benefits, and IRS enforcement on distributions.
8 Hours
License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 8 CPE Approved
Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-03027-26-S) 8 CE Approved
Federal Tax Law Update for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-U-03027-26-S) 8 CE Approved
Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-02508) 8 CE Approved
Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-03027-26-S) 8 CE Approved
Taxes for Delaware Licensed Public Accountant (DE-LPA) 8 CPE Approved
Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-03027-26-S) 8 CE Approved
Federal Tax Law Update for LTC (Approval No. GEHNZ-U-03027-26-S) 8 CE Approved
Taxes for Iowa Licensed Public Accountant (IA-LPA) 8 CPE Approved
Taxes for Maine Licensed Public Accountant (ME-LPA) 8 CPE Approved
License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 8 CPE Approved
Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-03027-26-S) 8 CE Approved
Federal Tax Law Update for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-U-03027-26-S) 8 CE Approved
Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-02508) 8 CE Approved
Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-03027-26-S) 8 CE Approved
Taxes for Delaware Licensed Public Accountant (DE-LPA) 8 CPE Approved
Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-03027-26-S) 8 CE Approved
Federal Tax Law Update for LTC (Approval No. GEHNZ-U-03027-26-S) 8 CE Approved
Taxes for Iowa Licensed Public Accountant (IA-LPA) 8 CPE Approved
Taxes for Maine Licensed Public Accountant (ME-LPA) 8 CPE Approved
On Demand (video)
  • Review S Corporation election requirements and termination conditions. 
  • Identify shareholder basis calculation methods and apply §754 election. 
  • Recognize common pitfalls in maintaining S Corporation status.
8 Hours
License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 8 CPE Approved
Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-02857-25-S) 8 CE Approved
Federal Tax Law Update for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-U-02857-25-S) 8 CE Approved
Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-02341) 8 CE Approved
Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-02857-25-S) 8 CE Approved
Taxes for Delaware Licensed Public Accountant (DE-LPA) 8 CPE Approved
Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-02857-25-S) 8 CE Approved
Federal Tax Law Update for LTC (Approval No. GEHNZ-U-02857-25-S) 8 CE Approved
Taxes for Iowa Licensed Public Accountant (IA-LPA) 8 CPE Approved
Taxes for Maine Licensed Public Accountant (ME-LPA) 8 CPE Approved
License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 8 CPE Approved
Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-02857-25-S) 8 CE Approved
Federal Tax Law Update for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-U-02857-25-S) 8 CE Approved
Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-02341) 8 CE Approved
Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-02857-25-S) 8 CE Approved
Taxes for Delaware Licensed Public Accountant (DE-LPA) 8 CPE Approved
Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-02857-25-S) 8 CE Approved
Federal Tax Law Update for LTC (Approval No. GEHNZ-U-02857-25-S) 8 CE Approved
Taxes for Iowa Licensed Public Accountant (IA-LPA) 8 CPE Approved
Taxes for Maine Licensed Public Accountant (ME-LPA) 8 CPE Approved
On Demand (video)
  • Analyze how The Big Beautiful Bill changes tax rules for 2025 filings and 2026 tax projections.
  • Evaluate the impact of recent IRS guidance on multi entity tax planning strategies.
  • Apply updated deduction limits and loss rules to complex business tax situations.

* Disclaimer: Before attending any course, please verify that the credit details align with your qualification requirements. This certificate is designed to help you acquire new skills and knowledge, which may or may not fulfill specific compliance criteria. While we have made every effort to ensure our courses adhere to compliance standards, we recommend reviewing the details to confirm applicability for your needs.

Instructors

J.Patrick Garverick

J. Patrick Garverick

Assistant Manager, The Garvs, LLC (dba The Tax U)

Pat Garverick is a Certified Public Accountant who currently lives in the Phoenix, Arizona area. He began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country.

In addition to being a CPA, Pat is also a Certified Financial Planner (CFP®). This role serves to enhance the knowledge he brings as he writes and presents continuing education material. Mr. Garverick is a member of the Arizona Society of Certified Public Accountants and the American Institute of Certified Public Accountants. Pat has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. His knowledge, expertise, and high energy have made him one of the profession’s most highly rated speakers. He is in a very small group of instructors that are both extremely knowledgeable and interesting.

During his time in college, Pat earned a letter as a member of the Ohio State Basketball squad. He remains a staunch supporter of the sports programs at his alma mater.

Awards & accolades

  • Multi-time winner of the California Education Foundation’s 1) Award for Instructor Excellence and 2) Award for Outstanding Course materials
  • 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.
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Frequently Asked Questions

This Training in Individual 1120S Tax Compliance and Planning offers in-depth training on S Corporation Taxes, focusing on the complete lifecycle—from formation and operational compliance to liquidation. It covers basis calculations, shareholder distributions, and accurate preparation of Form 1120S. You'll also explore how to interpret and review Schedule K and K-1, assess shareholder-level impacts, and implement the latest federal tax updates. Whether you're reviewing returns or building them from scratch, the course ensures a complete understanding of S Corp-specific reporting.

This Training in Individual 1120S Tax Compliance and Planning will sharpen your ability to handle S Corporation returns with confidence. You’ll learn how to calculate and track shareholder basis, analyze complex K-1s, and handle tax compliance across various stages of an entity’s lifecycle. The training helps identify errors, apply up-to-date tax rules, and build client-ready returns. By the end, you'll have the tools to support tax planning, resolve reporting issues, and boost accuracy in preparing Form 1120S—making you a more efficient and trusted tax professional.

The Practical Training Programs is created by qualified and experienced instructors. MYCPE ONE’s Practical Training Programs includes self-study courses, most of which are delivered as on-demand videos. These self-study video courses may be recordings of live presentations converted into on-demand format.

You can complete the Programs at your own pace. There is no limit on the number of exam attempts, so if you do not pass on the first attempt, you may retake the exam without any restrictions.

After completing each Programs within this Practical Training Programs , you can download a certificate showing the course title and number of hours completed. Certificates and study records are stored for life and can be accessed at any time. These certificates serve as valid proof of continuing education credits and may also be used as an additional designation.

Once registered, you will have full access to all courses included in the Practical Training Programs . The self-study format allows you to access materials online 24/7 and study at your own pace.

As per NASBA guidelines, you have one year from the date of purchase to complete each self-study course. After completing the course, you may take the final exam at any time and receive CPE credit instantly. The exam can be retaken multiple times at no additional cost.

Each Programs requires a minimum passing score of 70% on the final exam. Multiple attempts are allowed.

Our video player tracks and stores your watch time, which is displayed in the progress bar. Do not fast forward or manually move the progress bar, as the system will not capture your watch time if you do so. You may pause and resume the video at any time, and playback will continue from where you left off.
To complete a self-study course, you must:
1. Watch the entire video (100% completion).
2. Answer all review questions correctly. Review questions are located at the bottom of the same page as the video.
3. Once the video and review questions are completed, the Final Quiz will unlock. You must score at least 70% to earn CPE credit. Multiple attempts are allowed.
4. After completing the Review and Final Quiz, you can download your certificate from the “My Certificates” section. Ensure that multiple file downloads are enabled in your browser.
5. Certificates can be downloaded individually from your account or as a consolidated certificate from the package page.


A self-study course is a recorded video. If the course is a recording of a live session, polling questions may appear on the screen. You do not need to answer these polling questions. Do not fast forward the video, as doing so may prevent the system from tracking your watch time, requiring you to rewatch the video.
To unlock the final quiz, you must complete the entire video and answer all review questions correctly. Once unlocked, you must score at least 70% on the final quiz to qualify for credit. Multiple attempts are allowed for both review and final quiz questions.
If the issue persists, please email support@my-cpe.com or contact our support team via live chat.

The evaluation form is sent within 24 hours after you pass the final quiz with a minimum score of 70%. The evaluation form is available only to attendees who remained logged in until the end of the course and answered all polling questions.

MY-CPE LLC is PCI-compliant. MYCPE ONE uses Stripe, a secure payment gateway that meets PCI-DSS compliance standards, ensuring all payment details are protected through SSL encryption. Once you have registered for a package and completed payment, refunds are not provided unless you are unable to access the courses.