Self-Study

Surgent's Form 1120S Boot Camp: Step-by-Step Preparation with Completed Forms (SUBS)

  • Wednesday, January 29, 2020 – Friday, April 30, 2021

  • 8
    CREDITS
    Taxes

The objective of this course is to train new, rusty, or returning-to-practice staff to prepare a complicated federal Subchapter S Corporation tax return. The course includes a chapter-by-chapter, hands-on approach to completing Form 1120S. As details are discussed within each chapter, information is provided to prepare an intricate Form 1120S. The course and instruction delivery is geared toward a basic understanding and progresses to more complex issues via Surgent's "Step-by-Step" preparation guide. The boot camp allows staff to discover the connections between a trial balance and a completed S corporation return, with a filled-in completed Form 1120S provided in the case solutions.

Objectives

  • Learn in detail about the preparation of Form 1120S, Schedules M-1, K, and K-1
  • Learn in detail about common business reporting Forms 4562 and 4797
  • Provide staff with the first stage of a graduated professional education program in servicing S corporation clients

Highlights

  • Gain a thorough understanding of federal income tax laws for S corporations, from formation to tax return preparation issues
  • Key operational issues of separately stated versus non-separately stated income and expenses
  • The importance of Schedule M-1
  • Accurately account for basis, AAA, and distributions
  • Properly prepare and allocate items to the K-1 schedule
  • Complete coverage of any new legislation enacted before presentation
  • Identification of eligible shareholders
  • The requirements to make a timely or late election
  • Other developing issues and hot topics
  • Master two common tax forms, Depreciation (4562) and Sale of Assets (4797)
  • S corporation reporting oddities
  • Accurately prepare S corporation returns and reconcile book income to taxable income

Additional Information

Designed For

All levels of staff and company controllers responsible for filing these forms

Vendor

Surgent

Advanced Preparation

None

Credits

8.00 Taxes

Prerequisite

None

Course Number

2024259

Level of Knowledge

Basic

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