1120S Preparation and Planning 1: Tax Fundamentals (2018 Edition) (Currently Unavailable)

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 first in the series, reviews S corporation income tax return preparation. It introduces Form 1120S, used to list items of income, deductions, credits, and other items from the operation of an S Corporation.

Publication Date: October 2017

Designed For
Tax practioners.

Topics Covered

  • Review S corporation income tax return preparation
  • Introduces Form 1120S
  • List items of income, deductions, credits, and other items from the operation of an S Corporation

Learning Objectives

  • Accurately prepare tax returns for S corporations
  • Describe how recent legislation, court decisions and revenue rulings impact the preparation of Form 1120S
  • Identify planning opportunities and avoid problems when preparing the Form 1120S
  • Answer client questions regarding the preparation of returns for S corporations with accuracy and confidence
  • Describe the nature of the return for S corporations
  • State when the return is due and how to obtain a filing extension
  • Cite the requirements for S corporation status and how to make an S corporation election
  • Complete the top of page 1 of Form 1120S
  • Apply the accounting method and tax year limitations for S corporations
  • Complete Schedule B, page 2 of Form 1120S

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (5 hours)

Program Prerequisites
None

Advance Preparation
None

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