Introduction to S Corporations and LLCs – Part 2 – 2017 Law – QAS Self-Study
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
At 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
2017 Tax Law
Ends: Friday, December 27, 2019 11:59 PM (PST)
Started: Thursday, December 27, 2018 11:59 PM (PST)
Ended: Sunday, December 27, 2020 11:59 PM (PST)
|NASBA CPE||9 Hours|
|IRS (Federal Tax Law)||9 Hours|
|Oregon Tax Board||9 Hours|
|Oregon State Board of Accountancy||9 Hours|
|Texas State Board of Public Accountancy||9 Hours|
|New York State Board of Public Accountancy||9 Hours|
|QAS Self-Study||9 Hours|
Field of Study
Basic tax knowledge
IRS Federal Program Number
Meet Your Instructor
April Gutierrez, Enrolled Agent:
Known for her entertaining speaking style and ability to make a complex subject easy to understand, April is frequently invited to speak to business groups and news media on tax-related topics. She has a B.A. in Communication Studies from Murdoch University in Perth, Australia. She obtained her Oregon LTC in 1995.
April resides in Portland, Oregon, with her husband Jess and their two sons. Her pastimes include gardening, travel, and playtime with her Arabian horse, Fancy.
Great courseI like the comparison between partnership ans S-Corp tax returns in part 2 so you will understand the key differences between the two when preparing both.
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Basic Tax Law
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