This course provides an in-depth exploration of Form 1120S, the tax return form used by S corporations. Students will learn the intricacies of preparing and analyzing this form, including how to determine the taxable income of the S corporation, how to properly report and allocate income, deductions, and credits, and how to calculate the shareholder's basis in the S corporation. **Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com.
Learning Objectives
- Discuss Form 1120S and the skills necessary to prepare the form for S corporations
- Prepare for 1120S
Major Topics
- Understanding the definition and requirements of an S corporation, the benefits and limitations of choosing this entity type, and the eligibility requirements for shareholders
- Income and Deductions: Understanding the different types of income and deductions that an S corporation can have, including ordinary income, capital gains and losses, depreciation, and expenses.
- Shareholder Basis: Understanding the shareholder’s basis in the S corporation, how to calculate it, and the impact of distributions on the basis.
- Reporting Requirements: Understanding the different reporting requirements for Form 1120S, including Schedule K-1, Schedule L, Schedule M-2, and Schedule M-3
- Tax Planning: Understanding the tax planning strategies available to S Corporations and their shareholders, including tax deferral, income shifting, and tax-free reorganizations
