S Corporation Workshop Details 

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 course is ideal for individuals who have never prepared an S corporation return before or have very limited experience.

Upon completion of this course, the learner 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 a late election.
• 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.
• Identify items that differ for tax and book purposes.
• Prepare tax workpapers to support tax return entries.
• Reconcile income from a clients’ books to income reported on 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.

Intermediate S Corporations
Course Level: Intermediate
Prerequisite: NATP’s Preparing S Corporation Returns course or basic knowledge of Form 1120S preparation
Advance Preparation: None
Delivery Method: Group-Live

This hands-on course is ideal for tax professionals who have prepared S corporation returns and are looking to improve their skills to assist clients with their continuing needs. Topics covered include reasonable compensation, book to taxable income reconciliation, built-in-gains tax, distributions and shareholder basis, shareholder loss limitations, and ownership changes.

Upon completion of this course, the learner will be able to:

• Determine if an S corporation is paying a reasonable salary to its shareholder-employees.
• Identify an S corporation’s proper course of action when the S corporation does not have available funds to pay its shareholder-employees.
• Complete Schedule M-3.
• Identify corporations subject to built-in gains tax.
• Compute and report built-in gains and losses.
• Compute and report the built-in gains tax.
• Advise S corporations how to avoid built-in gains tax.
• Compute the shareholder’s stock basis in the S corporation.
• Determine the timing and ordering rules for basis adjustments.
• Explain how distributions from an S corporation are taxed.
• Report the repayment of reduced-basis debt.
• Explain the taxation of an S corporation stock sale.
• Explain how income and losses are allocated when there is an ownership change.
• Identify an inadvertent termination of the S election and explain how to fix it.

Advanced S Corporations
Course Level: Advanced
Prerequisite: Intermediate knowledge of S corporation taxation
Advance Preparation: None
Delivery Method: Group-Live

This course is designed for tax professionals who have substantial experience preparing S corporation returns and now want to explore advanced S corporation topics. Amp up the level of service provided by learning about QSubs, QSSTs and ESBTs. Discover how to treat stock sales as asset sales, handle insolvent or bankrupt S corporations and liquidate S corporations.

Upon completion of this course, the learner will be able to:

• Determine if S corporation is eligible to make QSub election.
• Explain tax effects of making QSub election.
• Elect to treat stock sale as an asset sale under §338(h)(10).
• Discuss tax effects on buyer and seller when stock sale is treated as an asset sale.
• Identify trusts eligible to be S corporation shareholders, including QSSTs and ESBTs.
• Discuss reporting requirements and taxation of S corporation that is bankrupt or insolvent.
• Explain tax consequences of liquidating an S corporation.
• Determine proper tax treatment of post-liquidation income or expenses.

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