Hands-On Tax Return Workshop: S Corporations (Form 1120S)

9:00 am–4:45 pm ET

# of CPE Credits



This case-driven training is designed to get the inexperienced accountant up to speed quickly in the most common areas of S-corporation taxation. The cornerstone of this course is the preparation of the Form 1120S using a fairly complex trial balance common to most S corporation income tax returns.


Once participants have completed this session they should be able to: * Prepare a complete Form 1120S income tax return and related schedules with minimal review points * Understand the S corporation income tax law from a tax-form perspective and become more knowledgeable with the information gathering process (i.e. asking the right questions)


This session is taught using a Hands-On methodology. Using a comprehensive trial balance, the participant will walk through the steps to prepare a complete and accurate Form 1120S (and related schedules) Each participant will receive a comprehensive S corporation income tax reference manual that includes numerous practice aids, real world examples, new Federal income tax forms and schedules, and the Phoenix Beach Quick Reference Chart. Topics include: * Detailed coverage of the Tax Cuts & Jobs Act (TCJA) affecting S corporations * Extensive review of the S corporation tax laws with an emphasis on any new legislative changes * Schedule K analysis – determined if income statement items are treated as separately (i.e. schedule K) or non-separately stated income and expense items * Discuss how schedule K items get allocated to shareholders on their schedule K-1s * Look at what relevant information related to the 3.8% net investment income tax needs to be reported to the shareholders * Talk about the unreasonably low officer compensation issues * Learn the special tax treatment of fringe benefits paid to 2% shareholders and family members * Schedule M-1 – calculate the reconciliation of income or loss per books with income or loss per income tax return * Schedule M-2 – detailed step-by-step calculation of the AAA, OAA and PTI accounts * Basic overview of the tax treatment of distributions including when a S corporation has prior C corporation earnings and profits (E&P) * Review the importance and basics of calculating a shareholder’s stock and debt basis * Basic overview of the potential S corporation built in gains tax from the conversion of a C to S corporation

Who Should Attend

Tax return preparers, staff accountants, and paraprofessionals with little or no experience and out of practice public accountants seeking a basic tax return preparation course.

Required Knowledge


Advanced Prep


Event Speaker(s)

J. Patrick Garverick ( Garverick CPE, Goodyear, AZ ),

Additional Event Information

Technical Support
Contact NCACPA if you need assistance with your online program. For the quickest results, email the Online Learning Team at onlinelearning@ncacpa.org, and a team member will contact you shortly.

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*NCACPA office hours are 9:00 am–5:00 pm ET. Online Learning Team members will be available via phone or email 30 minutes prior to the start of a live online program.

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Share This Event

Event Vendor:Phoenix Beach, LLC
Field of Study:Taxes
Level: Basic
Other:Enrolled Agent

Event Type:Webcast
Event Code:W0035019

Registration Fees

Registration FeeEarly BirdRegular
NCACPA MemberN/A$280.00
CPE Sponsors LogoThe National Registry of CPE Sponsors is a program offered by the National Association of State Boards of Accountancy (NASBA) to recognize CPE program sponsors who provide continuing professional education (CPE) programs in accordance with nationally recognized standards. The North Carolina Association of Certified Public Accountants is registered with NASBA as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org/.

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