Hands-On Tax Return Workshop – S Corporations (Form 1120S)

Phoenix Beach, LLC © ALL RIGHTS RESERVED. 

© Phoenix Beach, LLC 

Training for Business Professionals

Who Should  Attend?

Tax return preparers, staff accountants, and paraprofessionals with little or no experience and out of practice public accountants seeking a basic tax return preparation course.


Area of Study:
Taxation

Level:
Basic

Credit:
8 hours

Prerequisite:
None


Advance Preparation:
None

Type:
Group Live

Date Available:
November 1

Course Code:

HOWSW

This case-driven training is designed to get the inexperienced accountant up to speed quickly in the most common areas of S-corporation taxation. The cornerstone of this course is the preparation of the Form 1120S using a fairly complex trial balance common to most S corporation income tax returns.


Learning Objectives:

Once participants have completed this session they should be able to:

       - Prepare a complete Form 1120S income tax return and related schedules with minimal review points


       - Understand the S corporation income tax law from a tax-form perspective and become more knowledgeable with the ​    
         information gathering process (i.e. asking the right questions)
   ​

Course Highlights


​This session is taught using a Hands-On methodology.  Using a comprehensive trial balance, the participant will walk through the steps to prepare a complete and accurate Form 1120S (and related schedules).  Topics include:

       - Detailed coverage of the Tax Cuts & Jobs Act (TCJA) affecting S corporations


       - Extensive review of the S corporation tax laws with an emphasis on any new legislative changes


       - Schedule K analysis – determined if income statement items are treated as separately (i.e. schedule K) or non-
         separately stated income and expense items


       - Discuss how schedule K items get allocated to shareholders on their schedule K-1s


       - Look at what relevant information related to the 3.8% net investment income tax needs to be reported to the
         shareholders


       - Talk about the unreasonably low officer compensation issues


       - Learn the special tax treatment of fringe benefits paid to 2% shareholders and family members


       - Schedule M-1 – calculate the reconciliation of income or loss per books with income or loss per income tax return


       - Schedule M-2 – detailed step-by-step calculation of the AAA, OAA and PTI accounts


       - Basic overview of the tax treatment of distributions including when a S corporation has prior C corporation earnings and
         profits (E&P)


       - Review the importance and basics of calculating a shareholder’s stock and debt basis


       - Basic overview of the potential S corporation built in gains tax from the conversion of a C to S corporation