1120S Preparation and Planning 2: Business Income, Deductions and Tax Payments (2019 Edition) (Currently Unavailable)

Author: Barbara Weltman, Sidney Kess

This course, the second in the series, reviews S corporation income tax return preparation. It covers the reporting of trade and business income and deductions on Form 1120S.

Presented by Miles Hutchinson, CGMA.

Publication Date: October 2018

Designed For
Tax practitioners.

Topics Covered

• General concepts used in reporting business income
• Reporting trade and business income on Form 1120S
• Inventory methods
• Net gain or loss from Form 4797
• Other income items reported on Form 1120S
• Ordinary trade or business deductions reported on Form 1120S
• Taxes levied at an S Corporation
• Estimated tax payments

Learning Objectives

• Correctly report gross receipts and inventory (including the cost of goods sold) on Form 1120S
• Recognize what other income is included in trade or business income
• Correctly report trade or business deductions on Form 1120S
• Describe built-in gains tax issues
• Identify when an S corporation may be subject to Income tax
• Describe estimated tax requirements

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (5 hours)

Program Prerequisites
1120S Preparation and Planning 1: Tax Fundamentals

Advance Preparation
None