IPSC
SURGENT McCOY's GUIDE TO UNDERSTANDING THE KEY ISSUES
AND PREPARING S CORPORATION TAX RETURNS
This course guides accountants and staff through the fundamentals of S corporation rules from formation through distributions and how they impact the Form 1120S. Participants also learn how S corporation income and expenses flow into the shareholder's returns. Numerous worksheets for AAA, stock basis, etc. are included in the manual, including a 6-step process to accurately complete Form 1120S and related sub-schedules.
Major topics include:
- Complete coverage of the Tax Acts of 2007 and any new legislation enacted before presentation
- Gain a thorough understanding of federal income tax law for S corporations from initial eligibility and election procedures to Form 1120S tax return preparation procedures
- Accurately prepare or review Forms 1120S, 8825 and supporting schedules for S corporations and reconcile book income on the trial balance to taxable income by following 6 basic steps
- Identify, plan for, and properly report any S-level built-in-gain or passive income tax liability
- Learn about properly preparing and allocating to the K-1 schedule
- Understand operational issues, keeping track of AAA, and how to calculate basis, apply distribution rules, and avoid loss limitations
Designed for: CPAs needing a comprehensive understanding of the proper preparation of many different S corporation tax returns and in need of a refresher in S tax laws.
Level of knowledge:
Basic
Field
of study: Taxes
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