Idaho Society of CPAs

Surgent's Form 1120-S Boot Camp: Step-by-Step Preparation With Completed Forms

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  • Location
    • Your Space
      Your Space
      Self Study - Surgent, ID 00000
  • Credits
    • 8.00
  • Credit Type(s)
    • Taxes (Technical) (8.00)
  • Prerequisites

    • None

  • Vendor
    • Surgent
  • Level
    • Basic
  • Fields of Study
    • Taxes
  • Message
    • When & Where You Want

Description

The objective of this course is to train new, rusty, or returning-to-practice staff to prepare complicated federal subchapter S corporation tax returns. The course utilizes a chapter-by-chapter, hands-on approach. As more details are discussed in each chapter, participants are provided with the information needed to prepare an intricate Form 1120-S. The course and instruction delivery are geared toward basic understanding and systematically address more complex issues via Surgent's step-by-step preparation guide. The boot camp will help staff understand the connections between a trial balance and a completed S corporation return. The completed Form 1120-S is provided in the case solutions.

Type = Download

  • Qualifies for IRS CE Credit

    • Designed For

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

    Objectives

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

    Highlights

    • 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 accounting for basis, AAA, and distributions
    • Properly preparing and allocating items on Schedule K-1
    • Reporting requirements for Schedules K-2 and K-3, including 2023 filing exceptions
    • Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations
    • Identification of eligible shareholders
    • Requirements to make a timely or late election
    • Involuntary S corporation status terminations, cases and rulings, and other developing issues and hot topics
    • Mastering Forms 4562 (“Depreciation and Amortization”) and 4797 (“Sales of Business Property”)
    • S corporation reporting oddities
    • Accurately preparing S corporation returns and reconciling book income with taxable income

    Advanced Prep

    None

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