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Form 1120S - S Corporation Income Tax
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20 STUDENTS
4h 3m
Robert Bob
Robert Bob

This course is designed for those interested to learn the basics of using Form 1120S in filing corporation income tax by putting together a systematic format of entering data into the form that will minimize errors, isolate problems as they happen, identify mistakes and remove the possibility of having to start the process all over again.

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Course Skill Level
Beginner
Time Estimate
4h 3m

Instructor

Robert Bob
Robert Bob

Robert (Bob) Steele CPA, CGMA, M.S. Tax, CPI


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About This Course

Who this course is for:

  • Tax professionals
  • Business owners considering a S Corporation form of business entity
  • Tax and accounting students

What you’ll learn: 

  • How to enter tax data for an S Corporation into form 1120S
  • How to use tax software to input an S Corporation tax return
  • How to use an Excel worksheet to support tax data input for an S corporation
  • How to enter and track Schedule K adjustments
  • How to enter and track M-1 adjustments
  • How to enter and review data for Form K-1
  • Comparison of Social Security and Medicare tax between an S Corporation and Schedule C Sole Proprietorship

Requirements: 

  • No prior knowledge is required to take this course

This course currently consists of a comprehensive problem showing the data input process of an S Corporation tax return into Form 1120S. It will put together a systematic format of entering data into a Form 1120S that will minimize errors, isolate problems as they happen, and remove the possibility of having to start the process all over again.

We will enter each M-1 adjustment individually into both the tax return and an Excel worksheet so that we fully understand how they work. Starting by reviewing the data for the comprehensive problem. Then entering the data into an Excel worksheet that will be used to help us organize the information.

The course will demonstrate how to enter the data into the tax forms in stages to reduce potential mistakes and to identify mistakes as they happen so they can be fixed as easily as possible. We will start the data input with the balance sheet. Then we will enter the income statement as it is formatted in the adjusted trial balance.

Next, we will systematically go through Schedule K and M-1 adjustments. We will isolate these adjustments, reviewing them on the tax forms, in the software, and using our Excel worksheet. We will then review the tax forms. Lastly, review the Form K-1s and basic calculations. The course will demonstrate the exporting of the K-1 Form to the individual Form 1040 for an owner of the S corporation.

Our Promise to You

By the end of this course, you will have learned the data input for income tax to Form 1120S.

10 Day Money Back Guarantee. If you are unsatisfied for any reason, simply contact us and we’ll give you a full refund. No questions asked.

Get started today and learn more about Form 1120S for S Corporation income tax preparation.

Course Curriculum

Section 1 - Introduction
S Corporation Income Tax Course 00:00:00
Section 2 - Comprehensive Problem
Downloadable Materials 00:00:00
Comprehensive Problem Part 1 – Review Data 00:00:00
Comprehensive Problem Part 2 – Worksheet 00:00:00
Comprehensive Problem Part 3 – Information Data Input 00:00:00
Comprehensive Problem Part 4 – Data Impute Balance Sheet 00:00:00
Comprehensive Problem Part 5 – Data Impute Income Statement 00:00:00
Comprehensive Problem Part 6 – Data Impute Distributions 00:00:00
Comprehensive Problem Part 9 – Scheduled Charity Donation 00:00:00
Comprehensive Problem Part 8 – Scheduled Adjustments, Dividend And Interest 00:00:00
Comprehensive Problem Part 7 – Scheduled Depreciation 00:00:00
Comprehensive Problem Part 10 – M-1 Tax Exempt Interest 00:00:00
Comprehensive Problem Part 11 – Officer Compensation 00:00:00
Comprehensive Problem Part 12 – M-1 Meals 00:00:00
Comprehensive Problem Part 13 – M-1 Bad Debt 00:00:00
Comprehensive Problem Part 14 – Cost Of Goods Sold 00:00:00
Comprehensive Problem Part 15 – Scheduled K And M-1 00:00:00
Comprehensive Problem Part 16 – K-1 00:00:00
Comprehensive Problem Part 17 00:00:00
Comprehensive Problem Part 18 – Diagnostics 00:00:00
Comprehensive Problem Part 19 – Scheduled K To Form 1040 00:00:00
Section 3 - Social Security And Medicare Taxes
Compared To Scheduled C FICA Taxes 00:00:00