1120-S Mastery and Planning - Part 1
Author: Greg White
| CPE Credit: |
4 hours for CPAs
4 hours Federal Tax Related for EAs and OTRPs
4 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
The IRS has recently made changes to Form 1120S. We’ll present a comprehensive course on preparing Form 1120S, including in-depth treatment of the complex issues.
Join expert Greg White, CPA, as he walks you through how to complete Form 1120S and apply new rules that are crucial to properly preparing Form 1120S.
Publication Date: October 2024
Topics Covered
- Can make an S corporatoin election 30 years late
- First-time abatement rules applies to late-filed S corps
- Passive activity grouping
- Shareholder home office
- Fringe benefits
- HSAs
- Reasonable compensation
- Social Security benefits
- Business interest expense 30% limits for larger S corps
- If shareholder pays S coporaton's expense
Learning Objectives
- Explain how to complete Form 1120S on a line-by-line basis
- Identify strategies to eliminate late-filing penalties for S corporation returns
- Determine how to answer Form 1120S questions on passive activity grouping
- Determine how to correctly answer questions on Schedule B of Form 1120S
- Identify the rule that prescribes that if you borrow money from a third party and use it to pay expenses, then you can get a deduction when you pay expenses
- Identify up to how many years an exception allows for elections to be made late
- Identify a type of tax that may be owed by an S Corp
- Identify the late filing penalty per shareholder per month for returns required to be filed in 2024
- Identify the portion of income not treated as reasonable compensation that is subject to payroll taxes for an S Corp
- Identify the month Form 1120-S generally must be filed after the end of its tax year
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (4 hours)
Program Prerequisites
None
Advance Preparation
None
