Self-Study

S Corporations: Comprehensive Walk Through of Form 1120S Part 1

Valid for one year from purchase date
Self-study - On-Demand
4 CPE (4 technical)

Course code: 26SX-0059
View pricing

If your organization is exempt from sales tax, call us at 952-831-2707 to complete your purchase.

Unlock more for less. This course is included in CPA Crossings Unlimited Self-Study Subscription -- just $299 (plus tax) gets you unlimited access to all CPA Crossings' self-study courses, including this one. Maximize your ROI and learning potential -- order now!

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. Electing Subchapter S status as well as reviewing the mechanics of electing Subchapter S status will be discussed. It will further compare the S Corporation to other forms of entities, along with compliance with corporate formalities. Highlights of Form 1120S will be addressed, including build-in capital gains, accountable plans, taxable fringe benefits, officer reasonable compensation and audit strategies. Schedules K-1, K-2, K-3, and effectively connected income will be reviewed in this course as well.

Learning Objectives:

After attending this presentation, you will be able to...

Compare S Corporations to other entity structures to assess suitability.
Prepare Form 2553 and explain relief options for late filings under Rev. Proc. 2022-19.
Distinguish between Rev. Proc. 2022-19 and Rev. Proc. 2023-3.
Analyze I.R.C. Section 1361 and Section 1362 in the context of S Corporation elections and compliance.
Identify and address S Corporation eligibility errors and implement corrective measures.
Apply corporate governance procedures and corporate formalities.
Assess shareholder stock and debt basis rules and implications.
Recall critical aspects of Form 1120S, including built-in capital gains and accountable plans.
Recall the preparation and reporting requirements for Schedules K-1, K-2, and K-3.
Recall officer reasonable compensation requirements, including advisory strategies and audit defenses.

Program Content:

The major topics that will be covered in this course include:

Subchapter S status election and compliance requirements

Relief for late Form 2553 filings under Rev. Proc. 2022-19

Comparison of Rev. Proc. 2022-19 and Rev. Proc. 2023-3

I.R.C. Section 1361 and Section 1362 analysis for S Corporation elections

Corporate governance and formalities compliance

Shareholder stock and debt basis rules

Built-in capital gains and other aspects of Form 1120S

Schedules K-1, K-2, and K-3 preparation and reporting requirements

Officer reasonable compensation: requirements, advisory strategies, and audit defenses

S Corporation eligibility errors and corrective measures

Who should attend:
font-weight:400;letter-spacing:normal;text-align:left;text-indent:0px;text-transform:none;word-spacing:0px;white-space:normal;background-color:rgb(255,255,255);display:inline;float:none;">CPAs, EAs, Tax Professionals, Financial Planners, Investment Advisors

Developed By:
font-weight:400;letter-spacing:normal;text-align:left;text-indent:0px;text-transform:none;word-spacing:0px;white-space:normal;background-color:rgb(255,255,255);display:inline;float:none;">Hourani & Associates Inc

Instructor: Mary Jane Hourani

CPE Credit: 4.00

Field of Study: Taxes (4.00)

Prerequisites: None

Advanced Preparation: None

Format: QAS Self Study

Major subjects

Subchapter S status election and compliance requirements.
Relief for late Form 2553 filings under Rev. Proc. 2022-19.
Comparison of Rev. Proc. 2022-19 and Rev. Proc. 2023-3.
I.R.C. Section 1361 and Section 1362 analysis for S Corporation elections.
Corporate governance and formalities compliance.
Shareholder stock and debt basis rules.
Built-in capital gains and other aspects of Form 1120S.
Schedules K-1, K-2, and K-3 preparation and reporting requirements.
Officer reasonable compensation: requirements, advisory strategies, and audit defenses.
S Corporation eligibility errors and corrective measures.

Learning objectives

Compare S Corporations to other entity structures to assess suitability.
Prepare Form 2553 and explain relief options for late filings under Rev. Proc. 2022-19.
Distinguish between Rev. Proc. 2022-19 and Rev. Proc. 2023-3.
Analyze I.R.C. Section 1361 and Section 1362 in the context of S Corporation elections and compliance.
Identify and address S Corporation eligibility errors and implement corrective measures.
Apply corporate governance procedures and corporate formalities.
Assess shareholder stock and debt basis rules and implications.
Recall critical aspects of Form 1120S, including built-in capital gains and accountable plans.
Recall the preparation and reporting requirements for Schedules K-1, K-2, and K-3.
Recall officer reasonable compensation requirements, including advisory strategies and audit defenses.

Who should take this program?

CPAs, EAs, tax professionals, financial planners and investment advisors.

Pricing

Standard Member Fee	$116.00
Standard Nonmember Fee	$116.00

Our records indicate you are a nonmember. If you register, you will be charged $116.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.

If your organization is exempt from sales tax, call us at 952-831-2707 to complete your purchase.

Add to cart