Form 1120S - Preparation and Analysis

Overview

This course is designed for financial professionals looking to understand Form 1120S. It covers the essential aspects of S corporation taxation, including the preparation of Form 1120S, determining taxable income, and accurately reporting and allocating income, deductions, and credits. Participants will also learn how to calculate shareholder basis and understand the strategic advantages and limitations of an 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

Highlights

• S corporation taxation fundamentals
• Income and deductions for S corporations
• Shareholder basis calculation
• Reporting requirements for Form 1120S
• Advanced tax planning strategies

Prerequisites

None

Designed For

CPAs, EAs, attorneys, bankers, and financial planners

Objectives

• Define the key concepts of S corporation taxation.
• Identify the various types of income and deductions for S corporations.
• Recognize the importance of shareholder basis in S corporations.
• Implement proper allocation methods for income, deductions, and credits.

Preparation

None