Form 1120S - Preparation and Analysis
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.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com.
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
- Income and Deductions: Understanding the different types of income and deductions that an S corporation can have, including ordinary income, capital gains and losses, depreciation, and expenses.
- Shareholder Basis: Understanding the shareholder’s basis in the S corporation, how to calculate it, and the impact of distributions on the basis.
- Reporting Requirements: Understanding the different reporting requirements for Form 1120S, including Schedule K-1, Schedule L, Schedule M-2, and Schedule M-3
- Tax Planning: Understanding the tax planning strategies available to S Corporations and their shareholders, including tax deferral, income shifting, and tax-free reorganizations
Prerequisites
This course is designed for individuals who have a basic understanding of cybersecurity and the importance of protecting sensitive data. No prior experience with the IRS Cybersecurity Checklist is necessary.
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
Leader(s):
Leader Bios
Art Werner, Werner-Rocca Seminars Ltd
Arthur Joseph Werner, Esquire, is currently a shareholder in the law firm of Werner & Rocca, P.C., and in the lecture firm of Werner, Rocca & Susman Seminars, Ltd. Mr. Werner’s areas of practice include business, tax, financial, and estate planning for high net worth individuals. In addition to the practice of law, Mr. Werner is an adjunct professor of taxation in the Master of Science in Taxation program at the Philadelphia University. Mr. Werner received his B.S. in Accounting and his M.S. in Taxation from Widener University. He holds a J.D. in Law from the Delaware Law School. A member of the Pennsylvania Bar, Mr. Werner lectures extensively in the areas of Estate Planning, Financial Planning, and Estate and Gift Taxation to Certified Public Accountants and Financial Planners, and has presented well in excess of 500 eight-hour seminars over the past decade. Over the past ten years, Mr. Werner was rated as having the highest speaker knowledge in his home state of Pennsylvania by the Pennsylvania Institute of Certified Public Accountants, was awarded the AICPA Outstanding Discussion Leader Award in the State of Nevada, the Florida Institute of CPAs Outstanding Discussion Leader Award, and the South Carolina Association of CPAs Outstanding Discussion Leader Award.
Non-Member Price $109.00
Member Price $79.00