S Corporations: Comprehensive Walk Through of Form 1120S Part 2
Valid for one year from purchase date
Self-study - On-Demand
4 CPE (4 technical)
Course code: 26SX-0060
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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 covered. It will further compare the S Corporation to other forms of entities, along with compliance with corporate formalities. Highlights of Form 1120S will be covered, 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.
Major subjects
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Subchapter S status election and compliance requirements.
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Relief for late Form 2553 filings under Rev. Proc. 2022-19.
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Comparison of Rev. Proc. 2022-19 and Rev. Proc. 2023-3.
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I.R.C. Section 1361 and Section 1362 analysis for S Corporation elections.
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Corporate governance and formalities compliance.
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Shareholder stock and debt basis rules.
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Built-in capital gains and other aspects of Form 1120S.
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Schedules K-1, K-2, and K-3 preparation and reporting requirements.
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Officer reasonable compensation: requirements, advisory strategies, and audit defenses.
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S Corporation eligibility errors and corrective measures.
Learning objectives
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Compare S Corporations to other entity structures to assess suitability.
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Prepare Form 2553 and explain relief options for late filings under Rev. Proc. 2022-19.
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Distinguish between Rev. Proc. 2022-19 and Rev. Proc. 2023-3.
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Analyze I.R.C. Section 1361 and Section 1362 in the context of S Corporation elections and compliance.
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Identify and address S Corporation eligibility errors and implement corrective measures.
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Apply corporate governance procedures and corporate formalities.
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Assess shareholder stock and debt basis rules and implications.
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Recall critical aspects of Form 1120S, including built-in capital gains and accountable plans.
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Recall the preparation and reporting requirements for Schedules K-1, K-2, and K-3.
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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.
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