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

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