1120S Preparation and Planning 4: Other Schedules and Tax Planning (2020 Edition) (Currently Unavailable)

Author: Barbara Weltman, Sidney Kess

This course, which is the final class in the series authored by Sidney Kess and Barbara Weltman, covers Schedules L, M-1, M-2, M-3, and K-1. In this lesson, you’ll learn how to compute the 20% qualified business income deduction, avoid common errors in preparing Form 1120S, explain the impact of the additional Medicare taxes on S corporation shareholders, and more.

Publication Date: October 2019

Designed For
Tax practitioners.

Topics Covered

• Part 1: Schedules L, M-1, M-2, and M-3
• Schedule K-1
• Qualified Business Income Deduction
• Tax Planning

Learning Objectives

• Identify how to successfully complete Schedules L, M-1, M-2, and M-3
• Recognize how to adjust and maintain an accumulated adjustments account (AAA)
• Compute each shareholder's share of corporate items
• Identify how to successfully complete Schedule K-1
• Compute the 20% qualified business income deduction
• Identify when to elect (or not elect) S status
• Recognize how to avoid common errors in preparing Form 1120S
• Describe Schedule I with regard to S corporations
• Recognize which adjustments are required in reconciling income per books with income per tax on Schedule M-1
• Identify the date Schedule K-1 for 2019 must be sent to shareholders of a calendar year S corporation
• Recognize what a shareholder is required to do with respect to undistributed taxable income
• Differentiate between Schedule K and Schedule K-1
• Recognize correct statements about the qualified business income deduction
• Identify how electing S status can solve each of the following problems of a C corporation
• Recognize correct statements regarding the accumulated adjustments account (AAA)
• Recognize correct statements with respect to administrative aspects of Schedule K-1
• Describe Schedule L
• Recognize when Schedule M-1 must be completed when net income (loss) per books is increased or decreased by
• Identify what W-2 wages include for purposes of the limitation on the qualified business income deduction

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None