S Corporations: Comprehensive walk through of Form 1120S

Overview

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.

Highlights

The major topics that will be covered in this course include:

• 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. §1361 and §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

Prerequisites

None

Designed For

CPAs, EAs, Tax Professionals, Financial Planners, Investment Advisors

Objectives

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.

Preparation

None

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by CPA Crossings (messenger@webex.com). Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.