1120S Preparation and Planning 1: Tax Fundamentals (2020 Edition) (Currently Unavailable)

Author: Barbara Weltman, Sidney Kess

Presented by Miles Hutchinson, CGMA, this course is the first in a series of classes authored by Sidney Kess and Barbara Weltman that cover everything you need to know about 1120S preparation and planning. This class offers an overview of Form 1120S, which is used to list income, deductions, credits, and other items from the operation of an S Corporation.

Publication Date: October 2019

Designed For
Tax practioners

Topics Covered

• Introduction
• General Information
• 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
• Recognize and apply the accounting method and tax year limitations for S corporations
• Complete Schedule B, page 2 of Form 1120S
• Identify the duration of filing extension by filing Form 7004 by the due date of the return
• Recognize conditions for S corporation status
• Recognize correct statements about QSSTs
• Recognize correct statements regarding choice of accounting method for S corporations
• Identify how built-in gain is measured by the asset's value
• Recognize what answering "yes" to both questions on Line 11 of Schedule B means

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None