1120S Preparation and Planning 4: Other Schedules and Tax Planning (2019 Edition) (Currently Unavailable)

Author: Barbara Weltman, Sidney Kess

This course, the fourth and last in the series, reviews S corporation income tax return preparation. The course covers Schedules L, M-1, M-2, M-3 and K-1 . New rules resulting from the 2017 Tax Cuts and Jobs Act are covered in this course

Presented by Miles Hutchinson, CGMA.

Publication Date: October 2018

Designed For
Tax practitioners.

Topics Covered

• Schedule L, which is the balance sheet for S corporations
• Schedule M-1, which is used to reconcile income per books with income per return
• Schedule M-2, used to report certain items that are unique to S corporations, including the accumulated adjustments account (AAA)
• Schedule M-3, which is used for large corporations
• Schedule K-1, used to notify the shareholder of his or her proportionate share of each item reported on Schedule K
• Qualified business income deduction (Section 199A)
• Planning opportunities

Learning Objectives

• Successfully complete Schedules L, M-1, M-2, and M-3.
• Adjust and maintain an accumulated adjustments account (AAA).
• Compute each shareholder's share of corporate items.
• Successfully complete Schedule K-1.
• Compute the 20% qualified business income deduction
• Identify when to elect (or not elect) S status
• Avoid common errors in preparing Form 1120S.
• Explain the impact of the additional Medicare taxes on S corporation shareholders.

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None