Preparing S Corporation Returns Self-Study
Tax professionals who are familiar with individual tax returns can find preparation of their first S corporation tax return daunting. This course is for tax professionals adding the preparation of S corporation returns to their business. Take this course to receive the knowledge necessary to accurately prepare Form 1120S, U.S. Income Tax Return for an S Corporation, and the schedules that accompany this form. This course guides you through the preparation of Form 1120S in an example.
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 for Schedule K-1
- 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.