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.

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