S Corporations: Tax Returns – Basic

Before this S Corp accounting CPE course, tax preparers new to S corporations or those seeking to update their knowledge may find themselves overwhelmed by the specific requirements and complexities of S corporation taxation. Understanding how to file the correct forms, calculate shareholder basis, and handle loss carryovers can be challenging, leading to potential errors and oversights in tax preparation.

After participating in this S Corp tax accountant course, tax preparers will experience a significant shift in their understanding and capabilities regarding S corporation taxation. The course bridges the gap between limited knowledge and a comprehensive understanding of the necessary forms and regulations. Participants will learn how to accurately prepare Form 2553 for S corporation status election and master the intricacies of Form 1120-S and its schedules, including the new Schedule K-2 and K-3. They will also become adept at calculating and reporting shareholder basis information on Form 7203 and understand the implications of loss carryovers in subsequent income years. This newfound knowledge and practical experience will enable tax preparers to confidently handle S corporation tax matters, improving the accuracy and efficiency of their tax preparation services and enhancing their value to clients who own shares in S corporations.