1120-S Preparation and Planning 2: Business Income, Deductions and Tax Payments (2023 Edition)
Author: Barbara Weltman, Sidney Kess
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
This course reviews S corporation income tax return preparation. In this course, you’ll learn to correctly report trade or business deductions on Form 1120S, identify when an S corporation may be subject to income tax, describe estimated tax requirements, and more.
Publication Date: September 2022
Designed For
Tax practitioners.
Topics Covered
- Business Income
- Trade or Business Deductions
- Tax and Payments
Learning Objectives
- Correctly report gross receipts and inventory (including the cost of goods sold) on Form 1120S
- Recognize what other income is included in trade or business income
- Correctly report trade or business deductions on Form 1120S
- Describe built-in gains tax issues
- Identify when an S corporation may be subject to Income tax
- Describe estimated tax requirements
- Identify when income becomes taxable
- Identify on what line compensation of officers is reported on
- Identify an example of a deductible tax for an S Corporation
- Identify what percent of the dividends-received deduction is allowed to be claimed by an S corporation
- Identify the deduction that is not claimed on the corporate level but passes through to shareholders
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
1120S Preparation and Planning 1: Tax Fundamentals
Advance Preparation
None
