1120-S Preparation and Strategies: Part 3 (2024)

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

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