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Form 1120-S Boot Camp: Step-by-Step Preparation With Completed Forms (SUBS)

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Self-Study SELECT STARTING AT $159 (On Demand)

Downloadable PDF

Credits: 8

Qualifies For: IRS CPE

$159

Textbook

Credits: 8

Qualifies For: IRS CPE

$210
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Form 1120-S Boot Camp: Step-by-Step Preparation With Completed Forms (SUBS)

  • Customer Rating
    Reviews Not Available.
  • Field of Study
    Taxes
  • Level
    Basic
  • Credits
    8
  • Qualifies for

    IRS CPE

Overview

The objective of this course is to train new, rusty, or returning-to-practice staff to prepare complicated federal subchapter S corporation tax returns. The course utilizes a chapter-by-chapter, hands-on approach. As more details are discussed in each chapter, participants are provided with the information needed to prepare an intricate Form 1120-S. The course and instruction delivery are geared toward basic understanding and systematically address more complex issues via Surgent’s step-by-step preparation guide. The boot camp will help staff understand the connections between a trial balance and a completed S corporation return. The completed Form 1120-S is provided in the case solutions.

Major Topics:

  • Federal income tax laws for S corporations, from formation to tax return preparation issues
  • Key operational issues of separately stated versus non-separately stated income and expenses
  • The importance of Schedule M-1
  • Accurately accounting for basis, AAA, and distributions
  • Properly preparing and allocating items on Schedule K-1
  • Reporting requirements for Schedules K-2 and K-3, including 2023 filing exceptions
  • Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations
  • Identification of eligible shareholders
  • Requirements to make a timely or late election
  • Involuntary S corporation status terminations, cases and rulings, and other developing issues and hot topics
  • Mastering Forms 4562 (“Depreciation and Amortization”) and 4797 (“Sales of Business Property”)
  • S corporation reporting oddities
  • Accurately preparing S corporation returns and reconciling book income with taxable income

Learning Objectives

  • Prepare Form 1120-S and Schedules M-1, K, and K-1
  • Understand common business reporting on Forms 4562 and 4797
  • Provide staff with the first stage of a graduated professional education program in servicing S corporation clients

Designed for:

All levels of staff and company controllers responsible for filing these forms

Prerequisite:

None

Advanced Preparation:

None

Interested in bringing this course into your firm?

PRIVATE WEBINARS AND LIVE ON-SITE COURSES ARE AVAILABLE. LEARN MORE.
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