Live Webinar

100-minute live streaming program
  • November 16
  • 1:00 - 2:40 pm EST

Form 1120-S Preparation

November 16

Understand the advantages and disadvantages of forming an S Corporation.

Corporations can find the double taxation of income a burden. By qualifying as an S Corporation, the corporation can avoid double taxation. The requirements to elect S Corporation status are specific and must be followed to avoid losing S Corporation status. This topic will help you guide your clients when determining if S Corporation status is the right business structure for their needs, help you prepare the necessary S Corporation election forms and help you prepare the Form 1120-S tax return and accompanying Schedule K-1s.

Learning Objectives

  • You will be able to describe the requirements for an S Corporation election.
  • You will be able to discuss the concept of pass-through entities and the function of Schedule K-1.
  • You will be able to explain basic differences between S Corporations and C Corporations.
  • You will be able to recognize the advantages and disadvantages of forming an S Corporation.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Define S Corporations and the Purpose of Form 1120-S
  • Electing and Terminating S Corporation Status and Relief for Late Filed Election
  • Report Income, Gains, Losses, Deductions, Credits, and Other Information From the Operations of an S Corporation
  • Pass Through Concept and K-1 Function; Due Dates and Extensions
Recent Changes to Form 1120-S and Associated K-1
  • As a Result of Changes to Law Stemming From Coronavirus Aid Initiatives – Contributions, New Employee Retention Credits, M&E
  • Number of Shares and Loan Disclosures for Shareholders
  • Section 951A Election to Be Treated as an Entity
1120-S Front Page and Schedule B
  • Trade or Business Income and Expenses
  • Situations When an S Corporation Pays Tax – Excess Net Passive Income or LIFO Recapture
  • The Purpose of All Those Schedule B Questions
Schedule K and K-1s
  • Separately Stated Items
  • Correlation of Schedule K to the Shareholder's K-1s
  • Allocation Rules and Reporting
Schedules L, M-1, and M-2
  • Schedule L - Balance Sheet per Books
  • Schedule M-1 – Reconciliation of Income (Loss) per Books With Income (Loss) per Return
  • Schedule M-2 – Analysis of Accumulated Adjustments Account, Shareholders' Undistributed Taxable Income Previously Taxed, Accumulated Earnings and Profits, and Other Adjustments Account
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

Live Webinar Registration

  • CPE 2.0 including Business Management and Organization 2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Business Management and Organization for 2.0 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     

Who should attend?

This live webinar is designed for accountants, tax managers, CPAs, presidents, vice presidents, business owners and managers, CFOs, controllers, enrolled agents, CEOs, and finance directors.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

John T. Alfonsi, CPA/ABV/CFF, CFE, CVA, MST

John T. Alfonsi, CPA/ABV/CFF, CFE, CVA, MST

Cendrowski Corporate Advisors

  • Managing director of Cendrowski Corporate Advisors
  • Practice is focused on taxation of high-net-worth individuals and investment entities including partnerships and S corporations
  • Adjunct assistant professor at Walsh College where he teaches courses in their Masters of Science in Taxation program (partnership taxation and tax accounting)
  • Recognized valuation and economic damages expert in federal and various state circuit courts
  • Frequent speaker for the Michigan Association of Certified Public Accountants on topics covering taxation, business valuation, and forensic accounting
  • Member of the AICPA, MICPA, ACFE, NACVA and MVCA
  • M.S. degree in taxation; B.A. degree in business administration, University of Michigan - Dearborn
  • Can be contacted at 866-717-1607 or [email protected]
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 408093
Published 2021
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