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​S Corp Workshop CPE Information

Preparing S Corporation Returns

8 CPE for AFSP, CFP®, CPA, CRTP, EA

Many taxpayers utilize S corporations to reduce taxes. 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 and for tax professionals simply looking to get up to speed on the most common areas of S corporation taxation. If you are one of these tax professionals, 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 actual preparation of Form 1120S in an illustrative example starting with a trial balance.

Upon completion of this course, the tax professional 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.

Course Year: 2017
Course Level: Basic
Prerequisite: None
Advance Preparation: None
Delivery Method: Group-Live

CPE Credits Designation Field of Study
IRS8AFSPFederal Tax Law Topic
IRS8EAFederal Tax Law Topic
NASBA8CPATaxes
CTEC8CRTPFederal Tax Law Topic
CFP Board8
CFP®N/A

Intermediate S Corporations

8 CPE for AFSP, CFP®, CPA, CRTP, EA

This hands-on course is ideal for tax professionals who have prepared S corporation returns and are looking to improve their skills to better assist clients with their continuing needs. In order to become more proficient in S corporations, it is imperative to know more than how to prepare Form 1120S. Topics covered include reasonable compensation, built-in-gains tax, distributions, shareholder basis, shareholder loss limitations, ownership changes, and liquidation issues.

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

  • Determine if an S corporation is paying a reasonable salary to its shareholder-employees.
  • Identify corporations subject to built-in gains tax.
  • Compute and report the built-in gains tax.
  • Compute the shareholder’s stock basis in the S corporation.
  • Determine the timing and ordering rules for basis adjustments.
  • Summarize how distributions from an S corporation are taxed.
  • Report the repayment of reduced-basis debt.
  • Compare and contrast AAA, stock basis, and retained earnings.
  • Report the sale of stock of an S corporation.
  • Predict how income and losses are allocated when there is an ownership change.
  • Identify an inadvertent termination of the S election and summarize how to fix it.
  • Prepare Form 1120S in its liquidation year.
  • Report expenses that are incurred post-liquidation.

Course Year: 2017
Course Level: Intermediate
Prerequisite: Basic understanding of preparing Form 1120S
Advance Preparation: None
Delivery Method: Group-Live

CPE Credits Designation Field of Study
IRS8AFSPFederal Tax Law Topic
IRS8EAFederal Tax Law Topic
NASBA8CPATaxes
CTEC8CRTPFederal Tax Law Topic
CFP Board8
CFP®N/A
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