Form 1120S - Preparation and Analysis
Wednesday, May 21, 2025
Webcast or Webinar, Online
3:00 PM - 4:49 PM (opens at 2:30 PM) EST
2Credits
Technical Business
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Course Type: Webcast
Course Code: 25/AC871608
Level: Basic
Vendor: ACPEN
Field of Study: Taxes
Overview:
This course provides an in-depth exploration of Form 1120S, the tax return form used by S corporations. Students will learn the intricacies of preparing and analyzing this form, including how to determine the taxable income of the S corporation, how to properly report and allocate income, deductions, and credits, and how to calculate the shareholder's basis in the S corporation.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to [email protected].
Objectives:
- Discuss Form 1120S and the skills necessary to prepare the form for S corporations
- Prepare for 1120S
Major Topics:
- Understanding the definition and requirements of an S corporation, the benefits and limitations of choosing this entity type, and the eligibility requirements for shareholders
- Income and Deductions: Understanding the different types of income and deductions that an S corporation can have, including ordinary income, capital gains and losses, depreciation, and expenses.
- Shareholder Basis: Understanding the shareholder’s basis in the S corporation, how to calculate it, and the impact of distributions on the basis.
- Reporting Requirements: Understanding the different reporting requirements for Form 1120S, including Schedule K-1, Schedule L, Schedule M-2, and Schedule M-3
- Tax Planning: Understanding the tax planning strategies available to S Corporations and their shareholders, including tax deferral, income shifting, and tax-free reorganizations
Major Topics:
- Understanding the definition and requirements of an S corporation, the benefits and limitations of choosing this entity type, and the eligibility requirements for shareholders
- Income and Deductions: Understanding the different types of income and deductions that an S corporation can have, including ordinary income, capital gains and losses, depreciation, and expenses.
- Shareholder Basis: Understanding the shareholder’s basis in the S corporation, how to calculate it, and the impact of distributions on the basis.
- Reporting Requirements: Understanding the different reporting requirements for Form 1120S, including Schedule K-1, Schedule L, Schedule M-2, and Schedule M-3
- Tax Planning: Understanding the tax planning strategies available to S Corporations and their shareholders, including tax deferral, income shifting, and tax-free reorganizations