Don Farmer's Preparing Form 1120S: Real-World Insights & Practical Tips for S Corporation Returns - VIRTUAL

Overview

Join tax expert Greg White, CPA, for a lively walkthrough of Form 1120-S. He’ll break down the must-know rules, show you how to apply them in real-life scenarios, and make the prep process feel a lot less painful. You’ll walk away with sharper skills, practical insights and a few laughs along the way.

Highlights

• How to complete Schedules M-1 and M-2.
• When you don't have to file Schedules K-2 and K-3.
• Most S corporations are not required to file these forms.
• The accumulated adjustments account, and when it’s most important to compute it correctly.
• Loans from shareholders.

Prerequisites

An understanding of federal income taxation of real estate transactions.

Designed For

CPAs and tax professionals involved in the world of tax.

Objectives

Learn how to complete Form 1120S on a line-by-line basis.
Identify the requirements that waive the requirement to file Schedules K-2 and K-3.
Identify how to categorize income and expense items to the accumulated adjustments account, the accumulated earnings account and the other adjustments account.
Identify the disclosure requirements for Schedules K-1.
Apply the “closing of the books” Aelection.

Preparation

None