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

  • Format Self-Study Download
  • Credits 8.00
  • Level Basic
  • Field of Study Taxes (Technical) (8)

Overview

The objective of this course is to train new, rusty, or returning-to-practice staff to prepare a complicated federal Subchapter S Corporation tax return. The course includes a chapter-by-chapter, hands-on approach to completing Form 1120S. As details are discussed within each chapter, information is provided to prepare an intricate Form 1120S. The course and instruction delivery is geared toward a basic understanding and progresses to more complex issues via Surgent’s “Step-by-Step” preparation guide. The boot camp allows staff to discover the connections between a trial balance and a completed S corporation return, with a filled-in completed Form 1120S provided in the case solutions.



Major Topics:

  • Gain a thorough understanding of 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 account for basis, AAA, and distributions
  • Properly prepare and allocate items to the K-1 schedule
  • Complete coverage of any new legislation enacted before presentation
  • Identification of eligible shareholders
  • The requirements to make a timely or late election
  • Other developing issues and hot topics
  • Master two common tax forms, Depreciation (4562) and Sale of Assets (4797)
  • S corporation reporting oddities
  • Accurately prepare S corporation returns and reconcile book income to taxable income

Learning Objectives:

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

Who should take this course:

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

None

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