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

Overview

The objective of this course is to train new, rusty, or returning-to-practice staff to prepare a complicated federal Subchapter S Corporation tax return. The course includes a chapter-by-chapter, hands-on approach to completing Form 1120S. As details are discussed within each chapter, information is provided to prepare an intricate Form 1120S. The course and instruction delivery are geared toward a basic understanding and progresses to more complex issues via Surgent's "Step-by-Step" preparation guide. The boot camp allows staff to discover the connections between a trial balance and a completed S corporation return, with a filled-in completed Form 1120S provided in the case solutions. In addition to the step-by-step guide, we are introducing the most recent legal changes impacting S corporations made by the CARES and Tax Relief Acts.

Prerequisites

None

Objectives

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

Highlights

• Gain a thorough understanding of federal income tax laws for S corporations, from formation to tax return preparation issues
• Changes to Form 1120S K-1
• Key operational issues of separately stated versus non-separately stated income and expenses
• The importance of Schedule M-1
• Accurately account for basis, AAA, and distributions
• Properly prepare and allocate items to the K-1 schedule
• Complete coverage of any new legislation. New employer credits under CARES Act. PPP loan forgiveness effect on partners’ basis
• Identification of eligible shareholders
• The requirements to make a timely or late election
• Involuntary S corporation status terminations. Cases and rulings. Other developing issues and hot topics
• Master two common tax forms, Depreciation (4562) and Sale of Assets (4797)
• S corporation reporting oddities
• Accurately prepare S corporation returns and reconcile book income to taxable income