Course Level: Basic
Summary
This hands-on workshop is designed for tax professionals who want to expand their tax practice by preparing S corporation returns. We’ll take a line-by-line look at Form 1120S and certain accompanying schedules. This class is ideal for individuals who have never prepared an S corporation return before or have very limited experience.
Objectives
Upon completion of this course, you'll be able to:
- Summarize the pros and cons of operating a business as an S corporation
- Determine if a business is eligible to be an S corporation
- Explain how to make the S election, including late elections
- Complete a basic Form 1120S, including Schedules L, M-1, and M-2
- Identify separately-stated items and properly report them on Schedules K and K-1
- Determine how distributions from an S corporation are taxed
- Calculate a shareholder’s basis in the S corporation
