1120-S Preparation and Planning 4: Other Schedules and Tax Planning (2023 Edition)
Author: Barbara Weltman, Sidney Kess
| CPE Credit: |
1 hour for CPAs
1 hour Federal Tax Related for EAs and OTRPs
1 hour Federal Tax Law for CTEC |
This course, which is the final course in the series authored by Sidney Kess and Barbara Weltman, covers Schedules L, M-1, M-2, M-3, and K-1. In this course, you’ll learn how to compute the 20% qualified business income deduction, avoid common errors in preparing Form 1120S, explain the impact of the additional Medicare taxes on S corporation shareholders, and more.
Publication Date: September 2022
Designed For
Tax practitioners.
Topics Covered
- Schedules L, M-1, M-2, and M-3
- Schedule K-1 and K-3
- Qualified Business Income Deduction
- Planning Opportunities
Learning Objectives
- Identify how to successfully complete Schedules L, M-1, M-2, and M-3
- Recognize how to adjust and maintain an accumulated adjustments account (AAA)
- Compute each shareholder's share of corporate items
- Identify how to successfully complete Schedule K-1
- Identify how to successfully complete Schedule K-3
- Compute the 20% qualified business income deduction
- Identify when to elect (or not elect) S status
- Recognize how to avoid common errors in preparing Form 1120-S
- Identify the schedule that is a part of Form 1120-S
- Identify the schedule that is used to reconcile income per books with income per return
- Identify the part of Schedule K-1 that contains the shareholder's share of current year income, deductions, credits, and other items
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
None
Advance Preparation
None
