Form 1120S - Preparation and Analysis
Overview
This course provides an in-depth exploration of Form 1120S, the tax return form used by S corporations. Students will learn the intricacies of preparing and analyzing this form, including how to determine the taxable income of the S corporation, how to properly report and allocate income, deductions, and credits, and how to calculate the shareholder’s basis in the S corporation.
Highlights
Understanding the definition and requirements of an S corporation, the benefits and limitations of choosing this entity type, and the eligibility requirements for shareholders. Income and Deductions: Understanding the different types of income and deductions that an S corporation can have, including ordinary income, capital gains and losses, depreciation, and expenses. Shareholder Basis: Understanding the shareholder’s basis in the S corporation, how to calculate it, and the impact of distributions on the basis. Reporting Requirements: Understanding the different reporting requirements for Form 1120S, including Schedule K-1, Schedule L, Schedule M-2, and Schedule M-3. Tax Planning: Understanding the tax planning strategies available to S Corporations and their shareholders,including tax deferral, income shifting, and tax-free reorganizations.
Prerequisites
None
Designed For
CPAs, EAs, attorneys, bankers, and financial planners
Objectives
At the end of this course, you will be able to: Discuss Form 1120S and the skills necessary to prepare the form for S corporations Prepare for 1120S
Notice
Approved for EA Credits
Leader(s):
Leader Bios
Mary Jane Hourani, Werner-Rocca Seminars Ltd
Mary Jane Hourani has been a dedicated practitioner in the tax accounting field since 1993, beginning her career with prominent Tax, Accounting, & Audit Firms before establishing her own practice in 2005. Her academic credentials include a Master of Management from Walsh College of Accountancy and Business Administration, complemented by a Bachelor of Science in Public Administration from Eastern Michigan University, with a specialization in Organizational Development and Governmental Accounting. As an Internal Revenue Service Enrolled Agent, Mary Jane is authorized to represent clients before the IRS, a testament to her expertise and integrity in the field. This designation is accompanied by her status as a NTPI Fellow with the National Association of Enrolled Agents, underscoring her commitment to the highest standards of professional excellence. Mary Jane has also contributed significantly to education in her field, serving as an Instructor of Tax at Michigan State University Tax School since 2008 and engaging as a speaker for various trade organizations from 2005. Her role as a Contributing Editor and Author for the National Tax Workbook since 2009 highlights her as a valuable resource in tax education, where she has developed and compiled tax course packs for Michigan State University Tax School and other organizations. In addition to her instructional roles, Mary Jane is a former H&R Block Instructor/Trainer, further showcasing her breadth of experience and dedication to fostering knowledge in others. Her professional affiliations include membership in the National Association of Enrolled Agents, Michigan Association of Certified Public Accountants, National Association of Tax Professionals, and the American Institute of Professional Bookkeepers. Moreover, her certification as a QuickBooks ProAdvisor signifies her expertise in financial software, enhancing her ability to serve her clients comprehensively.
Non-Member Price $120.00
Member Price $100.00