Pat began his career in public accounting in 1988 after earning a BSBA in Accounting from The Ohio State University, and completed a Master of Taxation at Arizona State University in 1992.…
12 sessionsThis case-driven online continuing education course is designed to quickly bring both new and experienced accountants up to speed on the most critical, real-world aspects of S corporation taxation. Rather than focusing solely on theory, the course walks you through the preparation of a complete Form 1120S using a reasonably complex, realistic trial balance similar to those seen in closely held S corporations.
This course is appropriate for all levels of staff, including tax preparers, managers, CPAs, enrolled agents, and public accounting firm personnel. The emphasis throughout is on building confidence in end-to-end return preparation and in spotting issues before they become costly errors.
Major topics covered
- S Corporation Election Requirements.
- Shareholder Basis Calculation Rules.
- Distribution and Liquidation Treatment.
- Loss Limitation Rules.
- Form 1120S Tax Return Preparation.
- Accounting Period Options and Compliance Considerations.
After completing this session you will be able to:
- 01Review and apply S corporation election requirements and termination conditions, including common traps that can inadvertently revoke S status.
- 02Identify and compute shareholder stock and debt basis using current IRS guidance and Form 7203.
- 03Explain S corporation distribution rules and liquidation procedures, including how basis and earnings and profits affect treatment.
- 04Apply tax return filing rules for accurate and timely Form 1120S compliance, including required schedules and supporting documentation.
- 05Analyze S corporation accounting period options and related tax implications.
- 06Recognize and avoid common pitfalls in maintaining S corporation status.
Topics covered in this session:
- S corporation eligibility, election mechanics and Form 2553 filing deadlines
- Inadvertent termination events and the relief procedures available under Rev. Proc. 2022-19
- Shareholder stock and debt basis ordering rules, with Form 7203 worked examples
- Distributions, AAA and accumulated earnings and profits interaction
- Built-in gains tax and the five-year recognition period
- Reasonable compensation for shareholder-employees and the current audit posture
- Fringe benefits and health insurance reporting for more-than-2% shareholders
- Form 1120S schedules K, K-1, K-2 and K-3 preparation walkthrough
- Accounting period and method elections, including short-year returns
- Liquidations, redemptions and final-year return mechanics
Choose your format
Every format includes the handout pack. Compare what is included before selecting.