Surgent’s Form 1120-S Boot Camp: Step-by-Step Preparation With Completed Forms Download (SU1936/23)
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May 1, 2023 @ 1:00 am - April 30, 2024 @ 1:00 am
The objective of this course is to train new, rusty, or returning-to-practice staff to prepare complicated federal subchapter S corporation tax returns. The course utilizes a chapter-by-chapter, hands-on approach. As more details are discussed in each chapter, participants are provided with the information needed to prepare an intricate Form 1120-S. The course and instruction delivery are geared toward basic understanding and systematically address more complex issues via Surgent’s step-by-step preparation guide. The boot camp will help staff understand the connections between a trial balance and a completed S corporation return. The completed Form 1120-S is provided in the case solutions.
All levels of staff and company controllers responsible for filing these forms
Prepare Form 1120-S and Schedules M-1, K, and K-1 Understand common business reporting on Forms 4562 and 4797 Provide staff with the first stage of a graduated professional education program in servicing S corporation clients
Federal income tax laws for S corporations, from formation to tax return preparation issues Key operational issues of separately stated versus non-separately stated income and expenses The importance of Schedule M-1 Accurately accounting for basis, AAA, and distributions Properly preparing and allocating items on Schedule K-1 Schedules K-2 and K-3 reporting requirements and transitional filing relief Form 7203, “S Corporation Shareholder Stock and Debt Basis Limitations” Identification of eligible shareholders Requirements to make a timely or late election Involuntary S corporation status terminations, cases and rulings, and other developing issues and hot topics Mastering Forms 4562 (“Depreciation and Amortization”) and 4797 (“Sales of Business Property”) S corporation reporting oddities Accurately preparing S corporation returns and reconciling book income with taxable income