Preparing S Corporation Returns Self-Study

Summary

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.

Objectives

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

Course Details

This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.