S Corporations: Tax Returns – Basic

2 Credits: Taxes


Webcasts are available for viewing Monday – Saturday, 8am – 8pm ET.
Without FlexCast, you must start with enough time to finish. (1 Hr/Credit)

 Secure Transaction

S Corporations: Tax Returns – Basic

Course Level
CPE Credits

2 Credits: Taxes

Course Description

Before this 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 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.

Show More
Show Less

Learning Objectives

Upon completion of this course, participants will be able to:

  • Identify the forms needed to elect S corporation status and file returns as S corporations;
  • Prepare Form 2553, which is the only acceptable method to elect S corporation status;
  • Apply current rules to Form 1120-S, its attached schedules and the information the corporation must provide the shareholders, including Schedule K-2 and Schedule K-3;
  • Determine stock and debt basis limitations applicable to shareholders;
  • Calculate the shareholder basis information on Form 7203, including income, loses and carryovers; and
  • Understand the effects of loss carryovers on shareholders in a subsequent income year.
Show More
Show Less

Course Specifics

Course ID
Revision Date
July 24, 2023


Advanced Preparation


Compliance Information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02359-23-O
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1924
CTEC Federal Tax Law Credits: 2

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

CTEC Notice: California Tax Education Council DOES NOT allow partial credit, course must be taken in entirety. Western CPE has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone toll-free at (877) 850-2832, or on the Internet at

Meet The Experts

Robert W. Jamison

Robert “Bob” W. Jamison, CPA, Ph.D., is Professor Emeritus of Accounting at Indiana University, Purdue University, Indianapolis (IUPUI). His principal area of specialization is S Corporations. He is the sole author of S Corporation Taxation, and co-author of Multistate Tax Guide to Pass-Through Entities, both of which are published annually by CCH, a Wolters Kluwer business. He is the author of the 2022 edition of Essentials of Federal Income Taxation, published annually by CCH, a Wolters Kluwer business. Bob is a well-known author and speaker on S Corporations. He is curator of Wolters Kluwer Answerconnect Topic “S Corporations” and subtopics …