Objective
- 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
- Schedules K-2 and K-3 reporting requirements and transitional filing relief
- 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
Designed For
All levels of staff and company controllers responsible for filing these formsPrerequisite
NoneAdvanced Preparation
None