Kaplan University School of Professional and Continuing Education Kaplan University School of Professional and Continuing Education

Preparing Form 1120S: Eliminating Common Mistakes (PF0S)

(Updated for the Tax Cuts and Jobs Act) 8-Hour Program

WHY ATTEND THIS COURSE?

The most popular entity type for “for profit” organizations is the S corporation. This course looks at the issues that arise in the preparation of Form 1120S for an S corporation from the perspective of an accountant who is comfortable with basic business taxation provisions and is preparing the tax return for an S corporation. The course will also provide the core knowledge needed for the CPA to be ready to expand her knowledge to assist clients in tax planning that may involve S corporations.

DESIGNED FOR...

Accountants who prepare or will be preparing Forms 1120S. May also be suitable for accountants in public practice or controllers of partnerships.

OBJECTIVE

Participants will be able to:

  • Understand the importance of documenting stock rights and obligations
  • Distinguish S status election options, including late election relief
  • Separate items to be reported on Page 1 from those reported elsewhere on the Form 1120S
  • Understand the taxes that may apply to the S corporation itself and how to compute them
  • Obtain information necessary to report to shareholders so they can take advantage of the qualified business income deduction added by the Tax Cuts and Jobs Act
  • Determine if the business interest limitation rules added by the Tax Cuts and Jobs Act apply to the S corporation and properly handle the reduction of interest expense
  • Compute and report the proper pro-rata share of corporate items on shareholders’ K-1s
  • Determine if the corporation must file Schedule M-3 in lieu of Schedule M-1
  • Compute an S corporation’s accumulated adjustment account to report on Schedule M-2 and understand the uses of the AAA account

MAJOR SUBJECTS

  • What the accountant needs to know before preparing Form 1120S for the corporation
  • Preparing Form 1120S Page 1—income and expense from a trade or business
  • Preparing Form 1120S Page 1—taxes that may apply to the S corporation
  • Preparing Form 8825—reporting rental income and expenses
  • Preparing Schedules K and K-1—shareholders pro rata items
  • Preparing Schedule L
  • Preparing the M Schedules—M-1, M-2, M-3
  • Preparing Schedule B and other S corporation issues

COURSE ACRONYM: PF0S

PRESENTATION METHOD: Group-live

LEVEL OF KNOWLEDGE: Intermediate

PREREQUISITES:

  • None

ADVANCE PREPARATION: None

FIELD OF STUDY: Taxes/S Corporation Income Taxes

RECOMMENDED CPE CREDIT: 8 hours


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SmartPros®, A Kaplan Company and Loscalzo Institute, A Kaplan Company are registered with the National Association of State Boards of Accountancy (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.