Preparing S Corporation Returns
When you’re used to preparing individual tax returns and suddenly find yourself faced with preparing your first S corporation return, the task can seem daunting. Many taxpayers utilize S corporations to reduce taxes, so if you’re looking to add the preparation of S corporation returns to your business or to simply get up to speed on the most common areas of S corporation taxation, this is the course for you! Receive the knowledge necessary to accurately prepare Form 1120S, U.S. Income Tax Return for an S Corporation, and the accompanying schedules.
Upon completion of this course, you will be able to:
- List 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 K, K-1, L, M-1, and M-2.
- Identify income and expense items that differ for book and tax purposes.
- Determine amounts to pass-through and allocate to each shareholder.
- Identify separately stated items.
- Summarize the §179 expense rules for S corporations.
This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.