EA Exam Prep Part 2: S Corporations Sample Tax Return (Currently Unavailable)

Author: Eva Rosenberg

This is the sixteenth class of the EA Exam Prep Part 2 series. Use your knowledge from the S Corporation course to prepare Form 1120S and associated schedules for a grocery store. TaxMama® reviews the process with you and provides tips for each step. Analyze the information to determine if it is complete and correct. If not, what remedies are available? As you prepare the return, learn the red flags that may trigger audits. Discover how information flows between forms, and more.

Publication Date: August 2019

Designed For
Tax practitioners of all levels, regardless of experience, who want to learn about income tax preparation and more. Excellent training for staff working in tax offices, accounting practices, and corporate settings, as well as independent bookkeepers. This course provides an in-depth look at preparing Form 1120S and supplemental forms. It is especially helpful to those with no hands-on experience preparing tax returns – and those who are returning to tax preparation after years in corporate or other jobs. This course is also designed to help CPAs earn their Enrolled Agent credential so they can practice anywhere in the country without re-certifying.

Topics Covered

• Form 1120S, associated forms, and letters
• Key points of the 1120S preparation
• Special S Corporation taxes
• Analysis of client information
• Shareholders and officers information
• Shareholder's basis
• Distribution to shareholders
• Discussion of client deductions
• Taxes paid
• Cost of Goods Sold (COGS)
• Assets
• Depreciation
• Form 4562
• Schedule K
• Schedule K-1
• Schedule L
• Schedules M-1 and M-2
• Section 199A Summary worksheet
• Profit and Loss statement
• Officer wages
• Comparison of software calculations

Learning Objectives

• Describe the client data prior to tax return preparation
• Recognize how to obtain missing data
• Identify how information flows between forms and schedules
• Identify how to complete Form 1120S and related schedules
• Recognize calculation differences between tax software
• Recognize how to determine if an officer's salary is considered "reasonable compensation"
• Identify issues with Cost of Goods Sold (COGS)
• Recognize the need for letters to shareholders

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None