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Filing the 1120S
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Copyright © 2010 | Field of Study: Taxes Level: Basic Recommended CPE Credit 4 hours Prerequisites: None Advanced Preparation: None Type of Delivery: Self-Study Expiration: Course expires 1 year after purchase Course Update: May, 2010 Accreditation: NASBA, IRS, CTEC, OTPB Guarantee/Complaint Resolution |
Course Outline
Lesson 1 - Filing Form 1120S
Learning Objectives 1
Introduction
Who Must File Form 1120S
Due Date of Return
Payment of Tax
Extension of Time for Filing
Late Filing
Schedule K-1 (Form 1120S)
Lesson 2 - Figuring Shareholder Taxable Income
Learning Objectives 2
Reporting Separately and Nonseparately Stated Items
Shareholder's Treatment of S Corporation Items
Self-Employment Tax
Optional 10-Year Write-Off of Certain Tax Preferences
Pro Rata Share
Treatment of Family Groups
Health and Accident Insurance
Lesson 3 - Limits on Shareholder's Losses/Deductions
Learning Objectives 3
Basis Limit
Adjustments to Basis of Shareholder's Stock
Adjustments to Basis of Indebtedness
Loan Repayments
Worthless Stock and Debt
Depletion of Oil and Gas Property
At-Risk Limit
Limit on Losses and Credits From Passive Activities
Lesson 4 - Distributions to Shareholders
Learning Objectives 4
How S Corporation Distributions are Taxed
Stock Redemption
Appreciated Property Distributions
S Corporations With NO Earnings and Profits
Lesson 5 - S Corporations With Earnings and Profits
Learning Objectives 5
The Presence of Earnings and Profits
Retained Earnings Accounts
Accumulated Adjustments Account (AAA)
Previously Taxed Income (PTI)
Distributions, General Rule
Elections Relating to Source
Lesson 6 - Terminating S Corporation Status
Learning Objectives 6
Status S Election Can Be Terminated
Revoking S Corporation Status
Ceasing to Qualify
Violation of the Passive Income Restriction
S Termination Year
Inadvertent Termination
Course Objectives
Lesson - 1After completing Lesson 1, you will be able to:
- Identify which forms an S corporation can electronically file.
- Identify the rules for making electronic deposits of depository taxes.
- Identify actions of the S corporation that would trigger penalties.
After completing Lesson 2, you will be able to:
- Figure a taxpayer's pro rata share of gains and losses when there is a change of ownership in the S corporation.
- Determine the period of time an S corporation shareholder can deduct specific costs.
- Identify the conditions that have to be met for a 2% shareholder-employee of an S corporation to be able to deduct premiums paid for medical care.
- Identify the rules regarding the shareholder's treatment of S corporation items.
After completing Lesson 3, you will be able to:
- Figure the amount of a shareholder's S corporation loss the shareholder can take on his or her individual tax return.
- Identify an S shareholder's tax treatment of a limited loss.
- Identify the three potential limitations on an S corporation shareholder's loss.
After completing Lesson 4, you will be able to:
- Figure the amount of distribution that is a return of capital and any taxable amount.
- Identify how S corporation distributions to shareholders are treated.
After completing Lesson 5, you will be able to:
- Identify the tax consequences when an S corporation has pre-S corporation earnings and profits.
After completing Lesson 6, you will be able to:
- Identify when the S corporation election may be revoked.
- Identify when an S corporation election that is revoked is effective.
- Identify the events that would cause the termination of an S corporation's S election.