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Wednesday, December 9, 2020 Webcast

Form 1120s Boot Camp: Step-by-Step Preparation with Completed Forms (E2012571)

9:00 AM - 4:30 PM EST

Registration: 8:30 AM EST

Webcast


8 CPE Credits in TX

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.

DESIGNED FOR

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

BENEFITS

  • 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
  • Schedules K-2 and K-3 reporting requirements and transitional filing relief
  • 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

HIGHLIGHTS

  • 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

COURSE LEVEL

Basic

PREREQUISITES

None

ADVANCE PREPARATION

None

ADDITIONAL NOTES

Course materials are distributed electronically. To access the materials visit My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.

INSTRUCTOR

Nicole DeRosa

Nicole M. DeRosa, CPA, MAcc

Partner

Wiss & Company, LLP

Nicole M. DeRosa is a tax partner with Wiss in Florham Park, NJ and has more than 15 years of public accounting experience, specializing in taxation for closely held businesses and individuals. In addition to working with clients in an array of industries, she was also an adjunct professor at Raritan Valley Community College, where she taught Tax Accounting for Individuals for four years.

Ms. DeRosa is a member of the New Jersey Society of Certified Public Accountants and is active on the Content Advisory Board and Federal Taxation Interest Group; she is currently a member of the Board of Trustees. In 2019, she was awarded the “Women to Watch” Ovation Award, which applauds the growth and success of female members for their leadership, potential, contributions, and commitment to fostering the success of their colleagues. In 2022, she was awarded the “Impact” Ovation Award, which recognizes those who exhibit exemplary efforts and stellar achievement in advancing the interests and needs of New Jersey’s accounting profession through active engagement, leadership, and advocacy. Ms. DeRosa was also named to the 2022 edition of the NJ BIZ Power 50 List for the third year in a row; this list accounts for the most influential men and women in the accounting profession that helps to keep the states’ business on track. In Nicole’s spare time, she enjoys staying active at the gym, volunteering at the local animal shelter, and is active in various charitable organizations, such as St. Jude.

Ms. DeRosa is a graduate of Fairleigh Dickinson University, with degrees in accountancy and a Master of Science in Accountancy.

PRICING

$289.00 - Member

$389.00 - Nonmember

Event Cancelled

This event has been cancelled.

ADDITIONAL OPTIONS

Print a registration form

ALSO AVAILABLE

COURSE DEVELOPER

Surgent

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