Webinar

S Corporations: Comprehensive walk through of Form 1120S

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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 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 discussed, 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.


This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

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, Investment Advisors.

Pricing

Our records indicate you are a nonmember. If you register, you will be charged $239.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.

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