S Corporations: Comprehensive walk through of Form 1120S

Description

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.

Objective

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. §1361 and §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.

Credit Types

CPE – Taxes