Introduction to S Corporations and LLCs – Part 2 – 2017 Law – Course Manual Only
S corporations and Limited Liability Companies (LLC) are common entity choices for small business owners. S corporation shareholders and LLC members often benefit from certain tax advantages that are available to them. At the same time failure to correctly adhere to tax laws affecting these entity types can result in erroneous tax return filings that can result in significant IRS penalties.
Introduction to S Corporations and LLCs is a two-part course which provides tax professionals with an in-depth look at the rules for preparing forms 1120S and 1065.
- Part 1 focuses on entity classification choices and instructions for completion of Form 1065, US Return of Partnership Income.
- Part 2 focuses on preparation of Form 1120S, US Income Tax Return for an S Corporation.
- A summary review of different entity types and entity classification election
- Review of classwork answer key from Introduction to S corporations and LLCs Manual Part 1
- Overview of the rules for making the election to be taxed as an S corporation
- Preparation and filing instructions for Form 2553 Election by a Small Business Corporation
- Rules for late filing relief with respect for Form 2553
- Rules for reporting income and expenses of an S corporation
- Payment of corporate taxes
- A comparison of similarities and differences with respect to reporting items on Forms 1065 and 1120S
- Line-by-line-instructions for reporting income and expenses of an S corporation on Form 1120S
- Instructions for completion of Schedules K and K-1 – Shareholders’ Pro-Rata Share items
- Schedule L, corporation’s Balance Sheet per Books
- Schedule M-1, Reconciliation of Income (Loss) per Books with Income (Loss) per Return
- Schedule M2, Analysis of Accumulated Adjustments Account (AAA), Other Adjustments Account (OAA), and Shareholder’s Undistributed Income Previously Taxed (PTI)
- Tracking shareholder basis
- Stock and debt basis rules
- Reasonable compensation payroll reporting requirements pertaining to S corporation shareholders
By the conclusion of this course, you should be able to:
- Prepare Form 2553, Election by a Small Business Corporation
- Prepare Form 1120S, Reporting Income and Expenses of an S corporation
- Prepare Schedule M-2, Reconciliation of tax return to books
- Prepare Schedule M-2, Accumulated Adjustments Account
- Explain Payroll Reporting Requirements for different types of business structures
The course manual is delivered as a PDF document which you can download and print.
Course Manual Only
2017 Tax Law
Ends: Tuesday, November 5th, 2019 11:59 PM (PDT)
Started: Monday, November 5th, 2018 11:59 PM (PDT)
Ends: Thursday, November 5th, 2020 11:59 PM (PDT)
Course Credits: 0
No CE is awarded with the purchase of this manual. You must enroll in and complete the full version of this course to received CE.
Field of Study
Basic tax knowledge
Disclosures and School Policies
Terms of Enrollment
Pacific Northwest Tax School’s course materials and teaching techniques are valuable proprietary information of Pacific Northwest Tax School, and all such information is subject to copyright, including written, recorded, internet based as well as all other electronic media. Each Student agrees that she/he will use the information only for purposes of education and training; and as a condition of enrollment, that they will not disseminate the information to any third party and will treat the materials as confidential information of Pacific Northwest Tax School. As a condition of enrollment, Students pledge not use any information in any competitive fashion, including to create or derive competitive materials. Students further agree that any breach of these terms and conditions shall cause the school irreparable harm, entitling Pacific Northwest Tax School to injunctive relief, as well as any other remedy that may be available at law or equity. Students taking continuing education courses shall have twelve months from date of enrollment to successfully complete the course and receive their Certificate of Completion. Students taking the federal only portion or the Oregon 80 Hour Basic Tax Course students have nine months from the date of enrollment to sucessfully complete the course.
Basic Tax Law
Students taking any Basic Tax Law course, agree to comply with all Terms of Enrollment outlined the enrollment agreement form for that course, a link to which can be found on the catalog page for each Basic Tax course.
Prerequisites & Advance Preparation
Students intending to write the Oregon State Tax Exam, must be at least 18 years of age, and have High School Diploma or GED. Students using our self-paced internet based program should prepare for classes by downloading and printing course materials. For more information including detailed course descriptions and learning objectives, view the details of each course, located on Pacific Northwest Tax School’s catalog pages at: https://www.pnwtaxschool.com/list-of-all-courses/
Continuing professional education courses including interactive, non-interactive and correspondence program fees are non-refundable and non-transferable. Webinars/Webcasts are non-transferable and in most cases non-refundable. A student may choose to be switched to another Webinar/Webcast of equal or lesser value if a conflict with the scheduled time exists. In the case of a missed Webinar/Webcast a request to transfer to a new Webinar/Webcast must be made with 48 hours of when the Webinar/Webcast aired. Refunds will be issued ONLY prior to the start of the Webinar/Webcast. A $15.00 processing fee will be withheld from all refund amounts. For more information regarding administration policies including complaints and refunds, please contact our offices at 503-646-5600.
Pacific Northwest Tax School gives the highest priority to delivering quality education programs. If you have concerns about our programs please contact the Pacific Northwest Tax School Education Coordinator at: email@example.com
Manuals distributed and programs sponsored by Pacific Northwest Tax School are designed to teach application of tax laws. Pacific Northwest Tax School works to provide accurate and timely material to students, however the school does not have any responsibility if human and/or mechanical error exists. Accordingly, no assurance is given by Pacific Northwest Tax School that such information is totally comprehensive or accurate in its coverage of such subject matter. Information published or sponsored by Pacific Northwest Tax School should not be relied upon as a substitute for independent research to original sources of authority such as the Internal Revenue Code, IRS Publications and Internal Revenue Rulings. Pacific Northwest Tax School, its authors, and instructors do not render legal, accounting, or other non-educational professional advice. If legal advice or other expert assistance is required, the services of a competent professional should be sought. Credit hours are subject to change without notice.