1120S Preparation and Planning: Business Income, Deductions and Tax Payments

Author: Barbara Weltman, Sidney Kess

CPE Credit:  5 hours for CPAs
5 hours Federal Tax Related for EAs and OTRPs
5 hours Federal Tax Law for CTEC

This course, the second in the series, reviews S corporation income tax return preparation. It covers the reporting of trade and business income and deductions on Form 1120S.

Publication Date: December 2016

Designed For
Tax practitioners.

Topics Covered

  • Reviews S corporation income tax return preparation
  • The reporting of trade and business income and deductions on Form 1120S

Learning Objectives

  • Correctly report gross receipts and inventory (including the cost of goods sold) on Form 1120S
  • Recognize what other income is included in trade or business income
  • Correctly report trade or business deductions on Form 1120S
  • Describe built-in gains tax issues
  • Identify when an S corporation may be subject to Income tax
  • Describe estimated tax requirements
  • Identify those deductions used in calculating trade or business net income
  • Identify where to report these deductions on Form 1120S



Instructional Method

NASBA Field of Study
Taxes (5 hours)

Program Prerequisites
1120S Preparation and Planning 1: Tax Fundamentals

Advance Preparation

Registration Options

Regular Fee$79
Value Pass Fee$0

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