Form 1120S – S Corporation Income Tax
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.
About This CourseBeginner
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.
Who this course is for:
- Tax professionals
- Business owners considering a S Corporation form of business entity
- Tax and accounting students
Our Promise to You
By the end of this course, you will have learned the data input for income tax to Form 1120S.
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Get started today and learn more about Form 1120S for S Corporation income tax preparation.
Section 1 - Introduction
S Corporation Income Tax Course
Section 2 - Comprehensive Problem
Comprehensive Problem Part 1 – Review Data
Comprehensive Problem Part 2 – Worksheet
Comprehensive Problem Part 3 – Information Data Input
Comprehensive Problem Part 4 – Data Impute Balance Sheet
Comprehensive Problem Part 5 – Data Impute Income Statement
Comprehensive Problem Part 6 – Data Impute Distributions
Comprehensive Problem Part 9 – Scheduled Charity Donation
Comprehensive Problem Part 8 – Scheduled Adjustments, Dividend And Interest
Comprehensive Problem Part 7 – Scheduled Depreciation
Comprehensive Problem Part 10 – M-1 Tax Exempt Interest
Comprehensive Problem Part 11 – Officer Compensation
Comprehensive Problem Part 12 – M-1 Meals
Comprehensive Problem Part 13 – M-1 Bad Debt
Comprehensive Problem Part 14 – Cost Of Goods Sold
Comprehensive Problem Part 15 – Scheduled K And M-1
Comprehensive Problem Part 16 – K-1
Comprehensive Problem Part 17
Comprehensive Problem Part 18 – Diagnostics
Comprehensive Problem Part 19 – Scheduled K To Form 1040
Section 3 - Social Security And Medicare Taxes
Compared To Scheduled C FICA Taxes
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