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
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Basic Tax Law
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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/
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