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S Corporations – Comprehensive Walkthrough of Form 1120S With Mary Jane Hourani, MM, EA, NTPI Fellow, Tax Accountant

Course Code: SCC1120S

This course is an overview of the most common aspects and tax implications of an S Corporation. 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.

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CPE Hours 8
Level Intermediate
Field of Study Taxes
Prerequisite None
Designed For CPAs, EAs, attorneys
Learning Objectives

At the end of this course, you will be able to:

  • Compare S Corporation and other entity structures.
  • Prepare Form 2553, Election by a Small Business Corporation.
  • Identify “reasonable cause” relief for Late Filing Form 2553, Election by a Small Business Corporation.
  • Understand Rev. Proc. 2022-19.
  • Explain the difference between Rev. Proc. 2022-19 and Rev. Proc. 2023-3.
  • Review I.R.C. §1361 and I.R.C. §1362 as they relate to Rev. Proc. 2022-19.
  • Discuss S Corporation eligibility errors and corrective measures.
  • Review corporate governance procedures as well as corporate formalities.
  • Review Shareholder Stock & Debt Basis.
  • • Highlight aspects of Form 1120S and Schedule K (K-1).
  • Overview of entity preparation of Schedule K-2, and K-3.
  • Discuss attributes of Officer Reasonable Compensation requirements.
Course Highlights

Topics covered:

  • S Corporation tax implications, Subchapter S election mechanics, entity comparison, corporate formalities compliance, Form 1120S reporting including build.
Interested in this Course?

Schedule SCC1120S for Your Organization

Reach out to our CPE team to book a seminar, request a custom engagement, or register for an upcoming session.

Call 877-415-4040 Request Info Download Brochure
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