Self-Study

Form 1120S Boot Camp: Step-by-Step Preparation with Completed Forms Download

  • Tuesday, April 5, 2022 – Sunday, April 30, 2023

  • 8.00
    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 are 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. In addition to the step-by-step guide, we are introducing the most recent legal changes impacting S corporations made by the CARES and Tax Relief Acts.

Objectives

  • Prepare Form 1120S, Schedules M-1, K, and K-1
  • Understand 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
  • Changes to Form 1120S K-1
  • 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. New employer credits under CARES Act. PPP loan forgiveness effect on partners’ basis
  • Identification of eligible shareholders
  • The requirements to make a timely or late election
  • Involuntary S corporation status terminations. Cases and rulings. 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

2227476

Level of Knowledge

Basic

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