Hands-On Tax Return Workshop - S Corporations (Form 1120S) - Partnered with the Oregon Society

Overview

This case-driven training is designed to get the inexperienced accountant up to speed quickly in the most common areas of S-corporation taxation. The cornerstone of this course is the preparation of the Form 1120S using a fairly complex trial balance common to most S corporation income tax returns.

Highlights

This session is taught using a Hands-On methodology. Using a comprehensive trial balance, the participant will walk through the steps to prepare a complete and accurate Form 1120S (and related schedules). Each participant will receive a comprehensive S corporation income tax reference manual that includes numerous practice aids, real world examples, new Federal income tax forms and schedules, and Pat Garverick’s Quick Reference Chart. Topics include: Comprehensive review of S corporation income tax laws, with emphasis on new legislative changes and the status of expiring or extended provisions. Schedule K analysis. Discuss how schedule K items get allocated to shareholders on their schedule K-1s. Look at detailed Schedule K-1 information reporting to shareholders needed for the qualified business income deduction, 3.8% net investment income tax and business interest expense limitations. Talk about the unreasonably low officer compensation issues. Learn the special tax treatment of fringe benefits paid to 2% shareholders and family members. Schedule M-1 – calculate the reconciliation of income or loss per books with income or loss per income tax return. Schedule M-2 – detailed step-by-step calculation of the AAA, PTI, E&P and OAA accounts, and more.

Prerequisites

None.

Designed For

Tax return preparers, staff accountants, and paraprofessionals with little or no experience and out of practice public accountants seeking a basic S Corp tax return preparation course.

Objectives

Prepare a complete Form 1120S income tax return and related schedules with minimal review points, Understand the S corporation income tax law from a tax-form perspective and become more knowledgeable with the information gathering process.

Preparation

Qualifies for EA Credit.