S Corporations: Comprehensive walk through of Form 1120S
2025-06-25 13:00 - 21:00 UTC | Webinar
S Corporations: Comprehensive walk through of Form 1120S

06/25/25 08:00 AM CST
- 06/25/25 04:00 PM CSTDescription:
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.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.Instructor:Mary Jane Hourani, MM, EA, NTPI FellowFields of Study:TaxesMajor Topics:The major topics that will be covered in this course include:Subchapter S status election and compliance requirementsRelief for late Form 2553 filings under Rev. Proc. 2022-19Comparison of Rev. Proc. 2022-19 and Rev. Proc. 2023-3I.R.C. §1361 and §1362 analysis for S Corporation electionsCorporate governance and formalities complianceShareholder stock and debt basis rulesBuilt-in capital gains and other aspects of Form 1120SSchedules K-1, K-2, and K-3 preparation and reporting requirementsOfficer reasonable compensation: requirements, advisory strategies, and audit defensesS Corporation eligibility errors and corrective measuresLocation:
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