Form 1120S - Preparation and Analysis

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  • Location
    • Your Computer
      Your Space
      ISCPA / ACPEN Webinar, ID 00000
  • Credits
    • 2.00
  • Credit Type(s)
    • Taxes (Technical) (2.00)
  • Prerequisites
    • This course is designed for individuals who have a basic understanding of cybersecurity and the importance of protecting sensitive data. No prior experience with the IRS Cybersecurity Checklist is necessary.

  • Vendor
    • ACPEN
  • Level
    • Basic
  • Fields of Study
    • Taxes
  • Message
    • Virtual Experience

Description

This course provides an in-depth exploration of Form 1120S, the tax return form used by S corporations. Students will learn the intricacies of preparing and analyzing this form, including how to determine the taxable income of the S corporation, how to properly report and allocate income, deductions, and credits, and how to calculate the shareholder's basis in the S corporation.

**Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com.



  • Presented by Arthur Werner

    • Delivery Format: Live Webcast Replay

    Designed For

    CPAs, EAs, attorneys, bankers, and financial planners

    Objectives

    • Discuss Form 1120S and the skills necessary to prepare the form for S corporations
    • Prepare for 1120S

     

    Highlights

    • Understanding the definition and requirements of an S corporation, the benefits and limitations of choosing this entity type, and the eligibility requirements for shareholders
    • Income and Deductions: Understanding the different types of income and deductions that an S corporation can have, including ordinary income, capital gains and losses, depreciation, and expenses.
    • Shareholder Basis: Understanding the shareholder’s basis in the S corporation, how to calculate it, and the impact of distributions on the basis.
    • Reporting Requirements: Understanding the different reporting requirements for Form 1120S, including Schedule K-1, Schedule L, Schedule M-2, and Schedule M-3
    • Tax Planning: Understanding the tax planning strategies available to S Corporations and their shareholders, including tax deferral, income shifting, and tax-free reorganizations

    Advanced Prep

    None

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    Leaders

    ACPEN Panel

    No Biography Available

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