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Continuing Education

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MASTERING TAX PREPARATION FOR S CORPORATIONS
545 pages + optional open-book final exam

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Members pay $59
Non-members pay $69

Section 1: Overview of the 1120S.
How the 1120S and related forms work.

Section 2: Under-
standing the S corporation.
S corporation flow-through and the 1120S.

Section 3: Gross income.
Taxing income from operations, interest, dividends and rent. How to complete Form 8825

Section 4: Sale or exchange of capital assets. Reporting on Schedules D and K. How to handle the built-in gains tax.

Section 5: Business property sales. Sale of cars, furniture, real estate. Form 4797. Reporting Sec. 1231 gains/losses on Schedule K

Section 6: Business expense deductions. Compensation, rent, insurance, supplies, miscellaneous, and related-party deductions.

Section 7: COGS for tax purposes. Completing Schedule A, line by line. Introduction to uniform capitalization rules.

Section 8: How to deduct T & E, meal, gift expenses. Includes reimbursed expenses v. per diem allowances, standard mileage rates, business gifts, and more. Accountable v. nonaccountable nspla.

Section 9: Retirement and benefit plans. Defined benefit. Defined contribution. Fringes. 2%-or-more-shareholder-employee rules.

Section 10: Deducting interest expense. Timing deductions. Nonbusiness interest. When interest must be capitalized.

Section 11: Deducting taxes. Maximizing real estate, personal property, income, franchise, payroll, state/local tax deductions.

Section 12: Deducting bad debt expense. Partially v. totally worthless debts. Bad debt recovery. Nonbusiness bad debts.

Section 13: Depreciation/amortization. MACRS, ACRS and other methods.Sec. 179 deductions. Amortizing intangibles. Form 4562.

Section 14: Deducting charitable contributions.
Cash v. property v. inventory contributions. Reporting on Schedule K.

Section 15: Preparing Schedule K. Ordinary v. separately stated income/deductions, tax credits, tax preference items.

Section 16: 1120S demographics. Key S corporation facts to report.

Section 17: Special S corporation taxes. How to handle the built-in gains tax, capital gains tax and excess net passive income tax.

Section 18: Schedules L and M-2. Reporting balance sheet data. The accumulated adjustments account (AAA) and other adjustments account (OAA). Distributions.

Section 19: Schedule M-1. Reconciling book/taxable income.

Section 20: Schedule K-1. Prorating items/loans per shareholder.

Section 21: Complete an entire 1120S, 4562 and 4797. Lets you apply the full course to a specific S corpation's financial data for 1 year.

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