Preparing Form 1120S: Part 1
Author: Greg White
| CPE Credit: |
4 hours for CPAs
4 hours Federal Tax Related for EAs and OTRPs
4 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2028 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
We'll cover preparation of Form 1120-S and have some fun along the way.
Publication Date: December 2025
Designed For
Tax professionals who practice in the S corporation area.
Topics Covered
- When must an S corporation return be filed?
- How to answer questions on Schedule B of the return
- When must Schedule 1125-E (officers’ compensation) be filed? What information is reported?
- Answering Form 1120S questions on passive activity grouping
- How to determine the amount of “reasonable compensation” shareholders should receive
- A special rule for shareholders who have minimal involvement in the S corporation’s business
- How to eliminate late-filing penalties for S corporation returns
Learning Objectives
- Explain how to complete Form 1120-S on a line-by-line basis
- Identify strategies to eliminate late-filing penalties for S corporation returns
- Recognize how to determine how to answer Form 1120-S questions on passive activity grouping
- Determine how to correctly answer questions on Schedule B of Form 1120S
- Identify a type of tax that may be owed by an S corp
- Describe the two functions that Form 2553 serves for an LLC
- Identify who is authorized to sign Form 1120-S for an LLC that has elected to be taxed as an S corporation
- Identify an example of a fringe benefit that a shareholder is flat-out not eligible
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Taxes (4 hours)
Program Prerequisites
Some experience in the federal taxation of S corporations.
Advance Preparation
None
