Preparing S Corporation Returns Self-Study
Tax professionals who are familiar with individual tax returns may find preparation of their first S corporation tax return to be daunting. This course is designed for tax professionals adding S corporation clients to their business. Take this course to receive the knowledge necessary to complete S corporation tax returns. This course guides tax professionals through Form 1120-S, U.S. Income Tax Return for an S Corporation, and the accompanying schedules, then wraps up everything with a comprehensive 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
- Prepare Form 2553, Election by a Small Business Corporation, to make the S election
- Choose a tax year and accounting method for an S corporation
- Prepare a basic Form 1120-S, including Schedules K, K-1, L, M-1 and M-2
- Summarize the unique fringe benefit rules for more-than-2% shareholders
- List 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 reporting requirements for the qualified business income deduction
- Analyze 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.