Course Year: 2012
Course Level: Basic
Prerequisite: None
Advance Preparation: None
|
CPE Credits |
Designation |
Field of Study |
| IRS * |
8 |
EA |
Federal Tax Law Topic |
| NASBA |
0 |
CPA |
N/A |
| CTEC |
8 |
CRTP |
Federal Tax Law Topic |
| CFP Board |
0 |
CFP® |
N/A |
* NATP will report CPE credits to the IRS for all PTIN holders. CPE is currently not mandatory for RTRPs or RTRP candidates and any option to register or participate in this program is strictly voluntary.
Fees: $97 for Members and $113 for Nonmembers
- Summary
- This course 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 course is ideal for individuals who have never prepared an S corporation return before or have very limited experience.
Table of Contents
Objectives
Upon completion of this course, you will be able to:
- Explain the advantages and disadvantages of forming an S corporation.
- Identify businesses eligible to make the S election.
- Make an S election, including late elections.
- Choose a tax year and accounting method for an S corporation.
- Complete a basic Form 1120S, including Schedules L, M-1, and M-2.
- Explain how and when to file Form 1120S.
- Explain how pass-through items are allocated to a shareholder.
- Identify separately-stated items.
- Complete Schedules K and K-1.
- Explain the §179 rules for S corporations.
- Compute the shareholder’s stock basis in the S corporation.
- Complete a stock basis worksheet.
- Explain how distributions from an S corporation (with and without accumulated earnings and profits) are taxed.
For more information regarding refund, complaint and/or program cancellation policies, please contact our Member Services Department at 800.558.3402, ext. 3.
CPE Sponsor Information