New
S Corporations: Comprehensive Walkthrough of Form 1120S
Wednesday, June 25, 2025
8 a.m.-4 p.m. Central
8 CPE (8 technical)
Course code: 25WX-1362
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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.
Major subjects
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Subchapter S status election and compliance requirements
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Relief for late Form 2553 filings under Rev. Proc. 2022-19
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Comparison of Rev. Proc. 2022-19 and Rev. Proc. 2023-3
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IRC Section 1361 and Section 1362 analysis for S Corporation elections
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Corporate governance and formalities compliance
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Shareholder stock and debt basis rules
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Built-in capital gains and other aspects of Form 1120S
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Schedules K-1, K-2, and K-3 preparation and reporting requirements
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Officer reasonable compensation: requirements, advisory strategies, and audit defenses
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S Corporation eligibility errors and corrective measures
Learning objectives
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Compare S Corporations to other entity structures to assess suitability
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Prepare Form 2553 and explain relief options for late filings under Rev. Proc. 2022-19
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Distinguish between Rev. Proc. 2022-19 and Rev. Proc. 2023-3
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Analyze I.R.C. Section 1361 and Section 1362 in the context of S Corporation elections and compliance
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Identify and address S Corporation eligibility errors and implement corrective measures
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Apply corporate governance procedures and corporate formalities
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Assess shareholder stock and debt basis rules and implications
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Recall critical aspects of Form 1120S, including built-in capital gains and accountable plans
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Recall the preparation and reporting requirements for Schedules K-1, K-2, and K-3
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Recall officer reasonable compensation requirements, including advisory strategies and audit defenses
Who should take this program?
- CPAs, EAs, Tax Professionals, Financial Planners, Investment Advisors
Pricing
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Standard Member Fee |
$239.00
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 Standard Nonmember Fee |
$239.00
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