Preparing Form 1120S: Part 2
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 12/31/2026 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
The IRS has recently made changes to Form 1120S. We’ll present a comprehensive course on preparing Form 1120S, including in-depth treatment of the complex issues.
Join expert Greg White, CPA, as he walks you through how to complete Form 1120S and apply new rules that are crucial to properly preparing Form 1120S.
Publication Date: September 2023
Topics Covered
- How to complete Schedules M-1 and M-2
- When you don't have to file Schedules K-2 and K-3
- Most S corporations are not required to file these forms
- The accumulated adjustments account, and when it's most important to compute it correctly
Learning Objectives
- Recognize how to complete Form 1120S on a line-by-line basis
- Identify the requirements that waive the requirement to file Schedules K-2 and K-3
- Identify how to categorize income and expense items to the accumulated adjustments account, the accumulated earnings account and the other adjustments account
- Identify the disclosure requirements for Schedules K-1
- Identify ineligible shareholders and how to "retroactively" fix S corp terminations
- Identify the box within Schedule K-1 that includes loans from shareholders
- Identify the case that involved "loans" to a shareholder
- Identify the maximum number of classes of stock an S Corp is allowed
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (4 hours)
Program Prerequisites
None
Advance Preparation
None
