Description:

This session details preparing Form 1120-S (S Corps). Complete examples are provided for most common tax returns including Schedules K-2 and K-3, plus common elections such as PTET, S Corp elections, shareholder loans, contributions or buy out reporting requirements, best practices for cost of goods sold, shareholder basis issues, tax reporting options to maximize QBI deductions, retained earnings, and more. Worksheets and examples starting with the client’s financial reports, making needed tax adjustments (Tax AJEs), then preparing a complete and accurate business tax return.

Learning objectives:

• Learn hands on Form 1120-S step by step preparation with complete examples including K-2 & K-3
• Understand how to report common elections such as the S Eelection and PTET
• Determine best strategies for reporting basis components, shareholder loans and distributions
• Learn reporting decisions to maximize taxpayer’s tax benefits, QBI deduction, and PTET
• Develop practices for working with clients’ financial reports and training clients for better reports

The most common business entity in the US by far is an S corporation. Improve your skills to confidently provide these valuable services to your clients.

Who should attend?

• CPAs, EAs, tax return preparers, accountants, and tax professionals