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.
Learning 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.
Major Topics
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
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