S-Corp 101: Preparation and Basis
A comprehensive course designed to provide participants with a thorough understanding of S Corporations (S Corps) and the essential aspects of preparing the 1120S Return.
Introduction
Test Your Knowledge: The filing deadline for S Corps is:
General Information & Penalties
Test Your Knowledge: Either a Corporation or LLC can file for 2848 to elect S Corp Treatment.
S-Corp Qualifications
Test Your Knowledge: What is the maximum number of shareholders allowed in an S Corp?
S-Corp Election
Test Your Knowledge: Who must consent to revoking the S Corporation?
Termination
Test Your Knowledge: Distributions up to shareholder’s basis are taxed at:
S-Corp Stock Basis: Part 1
Test Your Knowledge: The S Corporation is responsible for tracking shareholder basis.
S-Corp Stock Basis: Part 2
Test Your Knowledge: Losses in excess of basis reduce taxable income on the shareholder return.
S-Corp Stock Basis: Part 3
By the end of the course, participants will:
Become familiar with preparing the 1120S Return: Gain a comprehensive understanding of the intricacies involved in preparing the IRS Form 1120S, including the various sections, schedules, and reporting requirements specific to S Corporations.
Learn how to elect and revoke S Corp status: Explore the process of electing S Corporation status, including the eligibility criteria, advantages, and potential implications. Understand the steps involved in revoking S Corp status and transitioning to other business entities.
Understand Penalties related to S Corps: Familiarize yourself with the common pitfalls and errors that can lead to penalties related to S Corps. Gain insights into how to navigate compliance issues and avoid costly mistakes.