1120S Preparation and Planning: Other Schedules and Tax Planning (Not Available)

Author: Barbara Weltman, Sidney Kess

CPE Credit:  3 hours for CPAs
3 hours Federal Tax Related for EAs and OTRPs
3 hours Federal Tax Law for CTEC

This course, the fourth and last in the series, reviews S corporation income tax return preparation. The course covers Schedules L, M-1, M-2, M-3 and K-1 .

Publication Date: January 2017

Designed For
Tax practitioners.

Topics Covered

  • Review S corporation income tax return preparation
  • Overview of Schedules L, M-1, M-2, M-3 and K-1

Learning Objectives

  • Identify when it is necessary to complete Schedules L, M-1, M-2, and M-3
  • Adjust and maintain an accumulated adjustments account (AAA)
  • Successfully complete Schedules L, M-1, M-2, and M-3
  • Compute each shareholder's share of corporate items
  • Successfully complete Schedule K-1
  • Identify when to elect (or not elect) S status
  • Describe how S corporations compare with limited liability companies
  • Explain the impact of the additional Medicare taxes on S corporation shareholders
  • Avoid common errors in preparing Form 1120S

Level
Basic

Format
On-demand

Instructional Method
Self-Study

NASBA Field of Study
Taxes (3 hours)

Program Prerequisites
None

Advance Preparation
None

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