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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.
Who Should Attend
Tax professionals who have S corporation clients.
Topics Covered
- How to complete Schedules M-1 and M-2
- When you don’t have to file Schedules K-2 and K-3
- Most S corporations are not required to file these forms
- The accumulated adjustments account, and when it’s most important to compute it correctly
- Loans from shareholders
Learning Objectives
- Learn how to complete Form 1120S on a line-by-line basis.
- Identify the requirements that waive the requirement to file Schedules K-2 and K-3.
- Identify how to categorize income and expense items to the accumulated adjustments account, the accumulated earnings account and the other adjustments account.
- Identify the disclosure requirements for Schedules K-1.
- Apply the “closing of the books” election.
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.