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.
All levels of staff and company controllers responsible for filing these forms.
- Learn in detail about the preparation of Form 1120S, Schedules M-1, K, and
- 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
- 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
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.