Preparing Form 1120S: Part 2 (Half-Day Webinar)
Date: Friday, December 18, 2026
Instructor: Greg White
| Begin Time: |
8:00am Pacific Time
9:00am Mountain Time
10:00am Central Time
11:00am Eastern Time |
| CPE Credit: |
4 hours for CPAs
4 hours Federal Tax Related for EAs and OTRPs
4 hours Federal Tax Law for CTEC |
|
NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
This intermediate‑level course provides a detailed, application‑focused walkthrough of the more advanced sections of Form 1120‑S. Building on foundational knowledge from Part 1, this session explores critical areas including Schedules M‑1 and M‑2, shareholder loans, accumulated accounts, and the requirements for filing—or qualifying for relief from filing—Schedules K‑2 and K‑3.
Participants will learn how to accurately categorize income and deductions, apply the ‘closing of the books’ election, interpret disclosure rules for Schedules K‑1, and properly compute the Accumulated Adjustments Account (AAA), Other Adjustments Account (OAA), and Accumulated Earnings and Profits (AE&P). The webinar emphasizes practical, real‑world examples to help professionals strengthen compliance and advisory capabilities for S corporation clients.
Who Should Attend
This course is designed for tax professionals who prepare, review, or advise on S corporation filings and need deeper practical expertise.
Topics Covered
- Line‑by‑line review of Schedules M‑1 and M‑2
- When S‑corps are exempt from filing Schedules K‑2 and K‑3 and how to document the exemption
- Accurately computing and maintaining AAA, OAA, and AE&P
- Disclosure rules and best practices for Schedules K‑1
- Proper reporting and documentation of shareholder loans
- Applying the ‘closing of the books’ election and understanding its consequences
- Critical compliance updates and practical examples for the 2026 filing season
Learning Objectives
- Complete advanced portions of Form 1120‑S, including Schedules M‑1 and M‑2
- Identify circumstances in which Schedules K‑2 and K‑3 are not required to be filed and apply the proper relief procedures
- Categorize income, expense, and distribution items among AAA, AE&P, and OAA using IRS rules and best practices
- Apply disclosure requirements for Schedules K‑1 with accuracy and consistency
- Implement the ‘closing of the books’ election when appropriate and understand its tax implications
- Analyze the proper treatment and reporting of shareholder loans in S corporation returns
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (4 hours)
Program Prerequisites
Basic understanding of Form 1120‑S preparation or completion of Part 1
Advance Preparation
None
