S Corporations: Comprehensive walk through of Form 1120S

Overview

This course is designed for financial professionals looking to understand Form 1120S. It covers the essential aspects of S corporation taxation, including the preparation of Form 1120S, determining taxable income, and accurately reporting and allocating income, deductions, and credits. Electing Subchapter S status as well as reviewing the mechanics of electing Subchapter S status will be discussed. It will further compare the S Corporation to other forms of entities, along with compliance with corporate formalities. Highlights of Form 1120S will be discussed, including build-in capital gains, accountable plans, taxable fringe benefits, officer reasonable compensation and audit strategies. Schedules K-1, K-2, K-3, and effectively connected income will be reviewed in this course as well.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

The major topics that will be covered in this course include:

• Subchapter S status election and compliance requirements
• Relief for late Form 2553 filings under Rev. Proc. 2022-19
• Comparison of Rev. Proc. 2022-19 and Rev. Proc. 2023-3
• I.R.C. §1361 and §1362 analysis for S Corporation elections
• Corporate governance and formalities compliance
• Shareholder stock and debt basis rules
• Built-in capital gains and other aspects of Form 1120S
• Schedules K-1, K-2, and K-3 preparation and reporting requirements
• Officer reasonable compensation: requirements, advisory strategies, and audit defenses
• S Corporation eligibility errors and corrective measures

Prerequisites

None

Designed For

CPAs, EAs, Tax Professionals, Financial Planners, Investment Advisors

Objectives

After attending this presentation, you will be able to...

• Compare S Corporations to other entity structures to assess suitability.
• Prepare Form 2553 and explain relief options for late filings under Rev. Proc. 2022-19.
• Distinguish between Rev. Proc. 2022-19 and Rev. Proc. 2023-3.
• Analyze I.R.C. §1361 and §1362 in the context of S Corporation elections and compliance.
• Identify and address S Corporation eligibility errors and implement corrective measures.
• Apply corporate governance procedures and corporate formalities.
• Assess shareholder stock and debt basis rules and implications.
• Recall critical aspects of Form 1120S, including built-in capital gains and accountable plans.
• Recall the preparation and reporting requirements for Schedules K-1, K-2, and K-3.
• Recall officer reasonable compensation requirements, including advisory strategies and audit defenses.

Preparation

None