The IRS has recently made changes to Form 1120S. We’ll present a comprehensive course on preparing Form 1120S, including in-depth treatment of complex issues.
Join expert Greg White, CPA, as he walks you through how to complete Form 1120S and apply new rules that are crucial to properly preparing Form 1120S.
NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Topics Covered
- Can make an S corporation election 30 years late
- First-time abatement rules apply to late-filed S corps
- Passive activity grouping
- Shareholder home office
- Fringe benefits
- HSAs
- Reasonable compensation
- Social Security benefits
- Business interest expense 30% limits for larger S corps
- If shareholders pay S corporation’s expense
Learning Objectives
- Identify strategies to eliminate late-filing penalties for S corporation returns
- Determine how to answer Form 1120S questions on passive activity grouping
- Determine how to correctly answer questions on Schedule B of Form 1120S
- Identify the rule that prescribes that if you borrow money from a third party and use it to pay expenses, then you can get a deduction when you pay expenses
- Identify up to how many years an exception allows for elections to be made late
- Identify a type of tax that may be owed by an S Corp
- Identify the late filing penalty per shareholder per month for returns required to be filed in 2026
- Identify the portion of income not treated as reasonable compensation that is subject to payroll taxes for an S Corp
- Identify the month Form 1120-S generally must be filed after the end of its tax year
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (4 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Greg White
Greg White, CPA, taught for 14 years as an adjunct professor for Golden Gate University. He’s admitted to practice before the United States Tax Court. He is a founder and shareholder, in WGN PS in Seattle, WA. He has been named a Top 50 IRS Representation Practitioner in the U.S. by CPA Magazine and has taught for a number of professional organizations. Greg enjoys the technical side of tax, but also likes to have fun in class.