The Business Learning Institute - Events - Hands-On Tax Return Workshop

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

Description		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.
Objectives		Prepare a complete Form 1120S income tax return and related schedules with minimal review points Become familiar with tax law from a tax-form perspective with an emphasis on any newly enacted legislation Become more knowledgeable with the information gathering process (i.e. asking the right questions)
Highlights		Using a comprehensive trial balance the participant will prepare the Form1120S and related schedules Schedule K and K-1 preparation including separately and non-separately stated income and expense items Unreasonably low officer compensation issues Tax treatment of fringe benefits paid to 2% shareholders and family members Schedule M-1 calculation of book to tax reconciliation items 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) Calculation of shareholder stock basis Basic discussion of the deductibility of losses including basis, at-risk and passive activity loss limitations Schedule D conceptual overview of the built in gains tax
Designed For		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.
Recommended CPE Credits		8
Prerequisites		None
Event Id / Acronym		10HOWS
Course Level		Basic
Field(s) of Study		Taxes
Producer		Garverick Province, LLC
Instructor