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Self-StudySELECT STARTING AT $125

Downloadable PDF

Credits: 8

Qualifies For: IRS

$125

Textbook

Credits: 8

Qualifies For:

$140
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  • It was an awesome course. I have recommended it to a couple of CPA friends.

    - A Surgent Customer

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Tax Forms Boot Camp: S Corporations (TBCS)

  • Customer Rating
  • Field of Study
    Taxes
  • Level
    Basic
  • Credits
    8
  • Qualifies for

    IRS CPE

Overview

Many clients use the S corporation form of doing business, and the S corporation return is a 'bread and butter' part of tax preparation practice. This course guides new, rusty, or returning-to-practice accountants and staff with a detailed study of the key fundamentals of S corporation rules from formation through distributions. Through use of numerous cases and examples (both simple and complicated), participants also learn how S corporation income and expenses flow into the shareholders returns. Certain worksheets and a 6-step process to accurately complete Form 1120S and related sub-schedules are included.

Major Topics:

  • Complete coverage of any new legislation enacted before presentation
  • Understand key operational issues of separately stated versus non-separately stated income and expenses, and the importance of Schedule M-1
  • Accurately account for basis, AAA, and distributions
  • Identify, plan for, and properly report any S-level built-in-gain or passive income tax liability
  • Learn about properly preparing and allocating items to the K-1 schedule
  • Key operational issues from election to liquidation

Learning Objectives

  • Identify eligible shareholders, the requirements to make a timely or late election, and the techniques to avoid termination
  • Apportion S corporation items to Schedule K-1 for the shareholders
  • Calculate AAA and stock basis and understand their importance to the taxation of distributions and the deductibility of losses
  • Be familiar with the results of the case studies that reinforce key learning points

Designed for:

CPAs needing a comprehensive understanding of the key elements in proper preparation of S corporation tax returns, and those in need of a refresher in S corporation tax laws

Prerequisite:

None

Advanced Preparation:

None

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