1120-S Mastery and Planning - Part 2

Author: Greg White

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card

The IRS has recently made changes to Form 1120S. We’ll present a comprehensive course on preparing Form 1120S, including in-depth treatment of the 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.

Publication Date: November 2024

Topics Covered

• Allocation of income
• Direct shareholder loans to S corp
• Schedules K-1
• K-2/K-3 exemptions
• Loans to shareholders
• Ineligible shareholders
• Inadvertent terminatons
• Fixing LLC S corps with "crazy boilerplate"
• Former C corps
• Trusts and estates as shareholders
• Schedule M-3

Learning Objectives

• Explain 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
• Identify ineligible shareholders and how to “retroactively” fix S corp terminations
• Identify the box within Schedule K-1 that includes loans from shareholders
• Identify the maximum number of classes of stock an S corp is allowed
• Identify the limiter percentage outlined within the regs with respect to cash method accounts receivables
• Identify the number of ways to allocate income between a buyer and seller
• Identify the type of trust that qualifies as an S corp shareholder for only two years after transfer

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
None

Advance Preparation
None