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Form 1120-S Preparation

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 presentation will help you guide your clients when determining if S Corporation status is the right business structure for their needs, prepare the necessary S Corporation election forms, and prepare the Form 1120-S tax return and accompanying Schedule K-1s.

106 minutes
Course Exam
Certificate of Completion
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Over 35 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

  • Schedules K-2 and K-3 Provide More Clarity for Shareholders on Determining Tax Liability With Respect to Items of International Tax Relevance
  • Form 7203 Replaces Worksheet for Figuring a Shareholder's Stock and Debt Basis
  • New Items Added to Schedule K-1, for Corporation's Number of Shares and Cash Contributions

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

Schedule K-2 and K-3s

  • Additional Insight on Foreign Sourced Income and Expenses
  • Correlation of Schedule K to the Shareholder's K-1s
  • Sourcing 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 35 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

OnDemand Course

This course was last revised on November 9, 2022.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 35 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 focuses on taxation of high-net-worth individuals and investment entities, including partnerships and S corporations
  • Adjunct 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, Walsh College; B.A. degree in business administration, University of Michigan-Dearborn
  • Can be contacted at [email protected] or 866-717-1607
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Product ID: 410179
Published 2022
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