Form 1120S - Preparation and Analysis WEBCAST
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. Understanding the different types of income and deductions that an S corporation can have, including ordinary income, capital gains and losses, depreciation, and expenses. Understanding the shareholder’s basis in the S corporation, how to calculate it, and the impact of distributions on the basis. Understanding the different reporting requirements for Form 1120S, including Schedule K-1, Schedule L, Schedule M-2, and Schedule M-3. 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
Discuss Form 1120S and the skills necessary to prepare the form for S corporations Prepare for 1120S.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Mary Jane Hourani, Professional Education Management Inc
Mary Jane Hourani, MM, EA, NTPI Fellow, Tax Accountant Mary Jane has been practicing since 1993, working for a couple larger Tax, Accounting, & Audit Firms in before transitioning to her own practice in 2005. Mary Jane has a Master of Management from Walsh College of Accountancy and Business Administration as well as a Bachelor of Science from Eastern Michigan University in Public Administration with a focus in Organizational Development and Governmental Accounting. She is credentialed as an Internal Revenue Service Enrolled Agent, allowing her to practice before the IRS. With this credential, she has direct oversite by the IRS Office of Professional Responsibility. She is also a National Association of Enrolled Agents NTPI Fellow. Mary Jane has been an Instructor of Tax for Michigan State University Tax School since 2008 as well as a speaker for several trade organizations since 2005. Mary Jane has been a Contributing Editor and Contributing Author of the National Tax Workbook for the Land Grand University Tax Education Foundation since 2009. She writes and compiles tax course packs used by Michigan State University Tax School and other trade organizations. She is a former H&R Block Instructor/Trainer. Mary Jane is a member of the National Association of Enrolled Agents, Michigan Association of Certified Public Accountants, National Association of Tax Professionals, American Institute of Professional Bookkeepers, and is a QuickBooks ProAdvisor.
Non-Member Price $120.00
Member Price $105.00