Hands-On Tax Return Workshop – S Corporations (Form 1120S)

Instructor

J. Patrick
Garverick

This case-driven training is designed to get the inexperienced accountant up to speed quickly in the most common areas of S-corporation taxation. The cornerstone of this course is the preparation of the Form 1120S using a fairly complex trial balance common to most S corporation income tax returns.

**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

Prepare a complete Form 1120S income tax return and related schedules with minimal review points
Understand the S corporation income tax law from a tax-form perspective and become more knowledgeable with the information gathering process (i.e. asking the right questions)

Major Topics

Extensive review of the S corporation income tax laws with an emphasis on any new legislative
Schedule K analysis– determine if income statement items are separately (i.e. schedule K) or non-separately stated income and expense items
Discuss how schedule K items get allocated to shareholders on their schedule K-1s
Look at detailed Schedule K-1 information reporting to shareholders needed for the qualified business income (QBI) deduction, 3.8% net investment income tax and business interest expense limitations
Talk about the unreasonably low officer compensation issues
Learn the special tax treatment of fringe benefits paid to 2% shareholders and family members
Schedule M-1 – calculate the reconciliation of income or loss per books with income or loss per income tax return
Schedule M-2 – detailed step-by-step calculation of the AAA, PTI, E&P and OAA accounts
Basic overview of the tax treatment of distributions including when a S corporation has prior C corporation earnings and profits (E&P)
Review the importance and basics of calculating a shareholder’s stock and debt basis
Basic overview of the potential S corporation built in gains tax from the conversion of a C to S corporation

CPE Credits Available

8 CPE

8: Taxes

Things to Know About This Course

Course Level

Basic

Professional Area of Focus

Taxes

Advanced Preparation

None

Intended Audience

Tax return preparers, staff accountants, and paraprofessionals with little or no experience and out of practice public accountants seeking a basic tax return preparation course.

Provider

ACPEN

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$ 300 300
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Price includes $0.00 early registration discount(s) - expires 9/21

Price includes $0.00 early registration discount(s) - expires 9/21
ASCPA Non-Member

$ 400 400

Price includes $0.00 early registration discount(s) - expires 9/21

Price includes $0.00 early registration discount(s) - expires 9/21

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