1120S Preparation and Planning: Other Schedules and Tax Planning

Author: Barbara Weltman, Sidney Kess

CPE Credit:  3 hours for CPAs
3 hours Federal Tax Related for EAs and OTRPs
3 hours Federal Tax Law for CTEC

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 .

Publication Date: January 2017

You can view the on-demand webinar at your own pace. 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

  • Review S corporation income tax return preparation
  • Overview of Schedules L, M-1, M-2, M-3 and K-1

Learning Objectives

  • Identify when it is necessary to complete Schedules L, M-1, M-2, and M-3
  • Adjust and maintain an accumulated adjustments account (AAA)
  • Successfully complete Schedules L, M-1, M-2, and M-3
  • Compute each shareholder's share of corporate items
  • Successfully complete Schedule K-1
  • Identify when to elect (or not elect) S status
  • Describe how S corporations compare with limited liability companies
  • Explain the impact of the additional Medicare taxes on S corporation shareholders
  • Avoid common errors in preparing Form 1120S



Instructional Method

NASBA Field of Study
Taxes (3 hours)

Program Prerequisites

Advance Preparation

Registration Options

Regular Fee$59
Value Pass Fee$0

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