1120S Preparation and Planning 1: Tax Fundamentals (2019 Edition) (Currently Unavailable)

Author: Barbara Weltman, Sidney Kess

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.

Presented by Miles Hutchinson, CGMA.

Publication Date: October 2018

Designed For
Tax practioners.

Topics Covered

• Overview of Form 1120S
• Filing requirements
• Nature of the S Corporations
• Reporting the shareholders' share of income
• Requirements for making an S election
• Types of trusts that can be S Corporation shareholders
• ESBT election
• Using an S-ESOP to provide retirement benefits for employees
• QSubs
• General information required on Form 1120S
• S Corporation's tax year
• Schedule B

Learning Objectives

• Describe the nature of the tax 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.
• Complete the top of page 1 of Form 1120S.
• Complete Schedule B, page 2 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 (3 hours)

Program Prerequisites
None

Advance Preparation
None