1120S Preparation and Planning: Business Income, Deductions and Tax Payments

Author: Barbara Weltman, Sidney Kess

CPE Credit:  5 hours for CPAs
5 hours Federal Tax Related for EAs and OTRPs
5 hours Federal Tax Law for CTEC

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.

Publication Date: December 2016

You can view the on-demand webinar at your own pace (using fast forward and rewind controls). In addition, supporting materials are available for download. You can view the program at any time and as often as you like. You have access to the recording for one year from date of purchase.

Designed For
Tax practitioners.

Topics Covered

  • Reviews S corporation income tax return preparation
  • The reporting of trade and business income and deductions on Form 1120S

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
  • Identify those deductions used in calculating trade or business net income
  • Identify where to report these deductions on Form 1120S



Instructional Method

NASBA Field of Study
Taxes (5 hours)

Program Prerequisites
1120S Preparation and Planning 1: Tax Fundamentals

Advance Preparation

Registration Options

Regular Fee$79
Value Pass Fee$0

Add to Cart Email a Friend View More Self-Study Courses