This course is designed for financial professionals looking to understand Form 1120S. It covers the essential aspects of S corporation taxation, including the preparation of Form 1120S, determining taxable income, and accurately reporting and allocating income, deductions, and credits. Electing Subchapter S status as well as reviewing the mechanics of electing Subchapter S status will be discussed. It will further compare the S Corporation to other forms of entities, along with compliance with corporate formalities. Highlights of Form 1120S will be discussed, including build-in capital gains, accountable plans, taxable fringe benefits, officer reasonable compensation and audit strategies. Schedules K-1, K-2, K-3, and effectively connected income will be reviewed in this course as well. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Learning Objectives
After attending this presentation, you will be able to...
- Identify and interpret the most common IRS letters, including general notices, audit requests, collections, return inquiries, and error notices.
- Recall IRS deadlines and the importance of timely and accurate responses.
- Apply effective communication strategies when corresponding with the IRS.
- Proactively address IRS concerns to avoid escalation and penalties.
- Ensure compliance with IRS requirements when responding to correspondence.
- Assess common issues that arise from IRS letters and develop resolution strategies.
- Advise clients on their rights and responsibilities when dealing with IRS correspondence.
- Implement documentation and tracking practices to manage IRS responses effectively.
Major Topics
The major topics that will be covered in this course include:
- Introduction to the Gramm-Leach-Bliley Act and its impact on data security.
- Circular 230 compliance and due diligence for practitioners.
- AICPA Statements of Standards relevant to WISP requirements.
- Key components of a Written Information Security Plan.
- Training requirements for employees, staff, and contractors.
- Practical guidance for drafting and implementing a WISP.
- FTC enforcement of data security standards for PTIN holders.
- Best practices for maintaining and updating WISP compliance.
