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Hands-On Tax Return Workshop - S-Corps (Form 1120S)
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| Date |
November 19, 2010
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| Location | Mahoney State Park, Ashland, NE |
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| Course Time |
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8:30 a.m. to 4:30 p.m. |
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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.
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| Course Highlights & Objectives |
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Basic discussion of the deductibility of losses including basis, at-risk and passive activity loss limitations. Basic overview of the tax treatment of distributions including when an S-Corp has prior C-Corp earnings and profits (E&P). Calculation of shareholder stock basis. Schedule K and K-1 – preparation including separately and non-separately stated income and expense items. Schedule M-1 – calculation of book to tax reconciliation items. Schedule M-2 – detailed step-by-step calculation of the AAA, OAA and PTI accounts. Overview of S-Corp taxes including the built-in gains tax. Tax treatment of fringe benefits paid to 2% shareholders and family members. Unreasonably low officer compensation issues. Using a comprehensive trial balance the participant will prepare the Form1120S and related schedules.
Become familiar with tax law from a tax-form perspective with an emphasis on any newly enacted legislation. Become more knowledgeable with the information gathering process (i.e. asking the right questions). Prepare a complete Form 1120S income tax return and related schedules with minimal review points. |
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| Who Should Attend |
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| 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. |
| Course Level | Basic |
| Prerequisites | None |
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| Discussion Leader | Mark Vanden Berg, Garverick CPE |
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| Additional Information: |
Parking is available on site and lunch is provided. |
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| Fee |
$235 - Society Member
$265 - Society Nonmember |
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