1120-S Preparation and Strategies: Part 3 (2024) (Currently Unavailable)
Author: Greg White
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
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
In this self-study course, you’ll continue learning how to prepare the S corporation income tax return. Specifically, this course provides details on the income and deductions that should be reported in Schedule K.
Publication Date: May 2024
Designed For
Tax professionals who prepare S corporation income tax returns
Topics Covered
- Schedules K-1 and K-3
- Schedule B-1 (information on certain shareholders)
- Form 8825
- Form 1120-S (Schedules M-1 and M-2)
Learning Objectives
- Determine proper codes for reporting detail on Form K-1
- Recognize opportunities for using the “closing of the books” method preferable to the “per share, per day” method of allocating income
- Recognize the requirements for increasing shareholder basis when shareholders make loans to the S corporation
- Identify strategies for avoiding gain on the repayment of shareholder loans (the “magnet rule”)
- Identify the line of Schedule K-1 that relates to alternative minimum tax items
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
