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Overview

8.0 Credits
ONLINE

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.

Objectives

  • Prepare a complete Form 1120S income tax return and related schedules with minimal review points
  • Understand the S corporation income tax law from a tax-form perspective and become more knowledgeable with the information gathering process (i.e. asking the right questions)

 

Major Topics

This session 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). Each participant will receive a comprehensive S corporation income tax reference manual that includes numerous practice aids, real world examples, new Federal income tax forms and schedules, and Pat Garverick’s Quick Reference Chart.  Topics include:
   
  • Comprehensive review of S corporation income tax laws, with emphasis on new legislative changes (e.g., the One Big Beautiful Bill) and the status of expiring or extended provisions.
  •     Schedule K analysis– determine if income statement items are separately (i.e. schedule K) or non-separately stated income and expense items
  •     Discuss how schedule K items 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 a 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

 

Prerequisite

None

Advanced Preparation

None

Sessions

Please select the appropriate session or option below to continue with your online purchase

Thursday, January 14, 2027

General Sessions
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