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25042 - 1120-S Preparation and Planning 1: Tax Fundamentals (2023 Edition)

Author: Barbara Weltman, Sidney Kess, Greg White

CPE Credit:  1 hour for CPAs
1 hour Federal Tax Related for EAs and OTRPs
1 hour Federal Tax Law for CTEC

This course is the first in a series of classes authored by Sidney Kess and Barbara Weltman that cover everything you need to know about 1120S preparation and planning. This class offers an overview of Form 1120S, which is used to list income, deductions, credits, and other items from the operation of an S Corporation.

Publication Date: September 2022

Designed For
Tax practioners.

Topics Covered

  • Introduction
  • General Information
  • Schedule B

Learning Objectives

  • Describe the nature of the tax return for S corporations
  • State when the return is due and how to obtain a filing extension
  • Cite the requirements for S corporation status and how to make an S corporation election
  • Complete the top of page 1 of Form 1120S
  • Recognize and apply the accounting method and tax year limitations for S corporations
  • Complete Schedule B, page 2 of Form 1120S
  • Identify the monthly late filing penalty (per shareholder) for 2022 returns filed in 2023
  • Identify the schedule used to report other information and is found on page 2 of Form 1120-S

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
None

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $53.00

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