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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 37 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 37 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.

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Why Lorman?

Over 37 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, and NACVA
  • 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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Why Lorman?

Over 37 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.

All of your training, right here at Lorman

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

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  • State Specific Credit Tracker
  • All-Access Pass Course Concierge

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 410179
Published 2022
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