Overview
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Hands on tax return workshop - S corporations (form 1120S)
6 mins
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When to make the S election
45 mins
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Control requirement
78 mins
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Separately stated items
137 mins
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PPP loan forgiveness, EIDL advance & RR grants
253 mins
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Form 1120S instructions to schedule K-1, line 17, code U
282 mins
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Limitation on business interest
327 mins
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Requirements for deduction as adjustment
356 mins
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Loss & deductions limitations
392 mins
Course Description
This case-driven online continuing education course 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 8-hour tax CE course 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 online continuing education course 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).
This online CPE webinar covers the following key topics:
- 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% of 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.
During this webinar, you will get Free E-Book worth $200. The book will be shared with you during the webinar. The book is copyright protected.
Access other online CPE/CE Courses for CPAs, EAs, AFSP, and Tax Professionals:
Tax Update Courses for CPAs, EAs, AFSPs, and Tax professionals
IRS Audit, Representation, and Resolutions
Learning Objectives
- To prepare a complete Form 1120S income tax return and related schedules with minimal review points
- To understand the S corporation income tax law from a tax-form perspective
- To efficiently use the information gathering process (i.e. asking the right questions) to prepare returns
- To learn in detail about the preparation of Form 1120S, Schedules M-1, K, and K-1
- To learn in detail about common business reporting Forms 4562 and 4797
Recommended For
The IRS-Approved 8 CE course is recommended for CPAs, CVAs, EAs, AFSPs, and Other Tax Professionals interested in learning everything about S Corporation taxation.
Who Should Attend?
- Accountant
- Accounting and audit managers/practitioners
- Accounting Firm
- Accounting Managers
- Accounting Practice Owners
- Accounts Director
- CPA (Industry)
- CPA - Large Firm
- CPA - Mid Size Firm
- CPA - Small Firm
- Entrepreneurial CPA
- Young CPA
