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
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.