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Robert (Bob) Steele

This course currently consists of a comprehensive problem showing the data input process of an S Corporation tax return into Form 1120S.

This course will put together a systematic format of entering data into a Form 1120S that will minimize errors, isolate problems as they happen, and remove the possibility of having to start the process all over again.

We will enter each M-1 adjustment individually into both the tax return and an Excel worksheet so that we fully understand how they work.

We will start by reviewing the data for the comprehensive problem.

Read more

This course currently consists of a comprehensive problem showing the data input process of an S Corporation tax return into Form 1120S.

This course will put together a systematic format of entering data into a Form 1120S that will minimize errors, isolate problems as they happen, and remove the possibility of having to start the process all over again.

We will enter each M-1 adjustment individually into both the tax return and an Excel worksheet so that we fully understand how they work.

We will start by reviewing the data for the comprehensive problem.

Then we will enter the data into an Excel worksheet that will be used to help us organize the information.

We will be using Lacerte Tax software to enter the tax data into Form 1120S. However, we will also provide PDF files of the tax forms so learners can enter the data directly into the tax forms as we go. The tax forms can also be found on the IRS website.

The course will demonstrate how to enter the data into the tax forms in stages to reduce potential mistakes and to identify mistakes as they happen so they can be fixed as easily as possible.

We will start the data input with the balance sheet.

Then we will enter the income statement as it is formatted in the adjusted trial balance.

Next, we will systematically go through Schedule K and M-1 adjustments. We will isolate these adjustments, reviewing them on the tax forms, in the software, and using our Excel worksheet.

We will then review the tax forms.

Next, we will review the Form K-1s and basic calculations.

The course will demonstrate the exporting of the K-1 Form to the individual Form 1040 for an owner of the S corporation.

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What's inside

Learning objectives

  • How to enter tax data for an s corporation into form 1120s
  • How to use tax software to input an s corporation tax return
  • How to use an excel worksheet to support tax data input for an s corporation
  • How to enter and track schedule k adjustments
  • How to enter and track m-1 adjustments
  • How to enter and review data for form k-1
  • Comparison of social security and medicare tax between an s corporation and schedule c sole proprietorship

Syllabus

Comprehensive Problem
Introduction
Documents To Download
C1 S Corp Comprehensive Problem Part 1 Review Data
Read more
C2 S Corp Comprehensive Problem Part 2 Worksheet
C3 S Corp Comprehensive Problem Part 3 Information Data Input
C4 S Corp Comprehensive Problem Part 4 Data Impute Balance Sheet
C5 S Corp Comprehensive Problem Part 5 Data Impute Income Stmt.
C6 S Corp Comprehensive Problem Part 6 Data Impute Distributions
C7 S Corp Comprehensive Problem Part 7 Sch. Depreciation
C8 S Corp Comprehensive Problem Part 8 Sch. K Adj Div & Int
C9 S Corp Comprehensive Problem Part 9 Sch. K Charity Donation
C10 S Corp Comprehensive Problem Part 10 M-1 Tax Exempt Interest
C11 S Corp Comprehensive Problem Part 11 Officer Compensation
C12 S Corp Comprehensive Problem Part 12 M-1 Meals
C13 S Corp Comprehensive Problem Part 13 M-1 Bad Debt
C14 S Corp Comprehensive Problem Part 14 COGS
C15 S Corp Comprehensive Problem Part 15 Sch. K & M-1
C16 S Corp Comprehensive Problem Part 16 K-1
C17 S Corp Comprehensive Problem Part 17
C18 S Corp Comprehensive Problem Part 18 Diagnostics
C19 S Corp Comprehensive Problem Part 19 Sch K To Form 1040
Social Security and Medicare Taxes
S Corp Compared to Sch. C FICA Taxes

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Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in S Corporation Income Tax - Form 1120S with these activities:
Review Partnership Taxation
Review partnership taxation concepts to better understand the flow-through nature of S corporations and the allocation of income and deductions to shareholders.
Show steps
  • Review the basics of partnership formation and operation.
  • Study the rules for allocating partnership income and losses.
  • Practice problems related to partnership tax returns.
Read 'Tax Guide for S Corporations'
Study a comprehensive guide to S corporation taxation to gain a deeper understanding of the rules and regulations governing Form 1120S.
Show steps
  • Obtain a copy of 'Tax Guide for S Corporations'.
  • Read the chapters relevant to Form 1120S preparation.
  • Take notes on key concepts and examples.
Complete Practice Tax Returns
Reinforce your understanding of Form 1120S by completing practice tax returns using different scenarios and data sets.
Show steps
  • Find several practice S corporation tax scenarios.
  • Gather all necessary documents and information.
  • Complete the Form 1120S and related schedules.
  • Compare your results with the solutions.
Four other activities
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Show all seven activities
Develop a Tax Planning Checklist
Create a checklist to ensure all necessary steps are followed when preparing Form 1120S, helping to minimize errors and improve accuracy.
Show steps
  • Identify all the required steps for preparing Form 1120S.
  • Organize the steps into a logical sequence.
  • Create a checklist document with clear instructions.
  • Review and refine the checklist for completeness.
Read 'S Corporation Taxation'
Study an advanced text on S corporation taxation to gain a deeper understanding of complex issues related to Form 1120S.
View Melania on Amazon
Show steps
  • Obtain a copy of 'S Corporation Taxation'.
  • Focus on chapters covering advanced topics.
  • Take detailed notes and examples.
Tutor Other Students
Reinforce your understanding of Form 1120S by tutoring other students on the concepts and procedures covered in the course.
Show steps
  • Offer tutoring sessions to other students.
  • Prepare materials to explain key concepts.
  • Answer questions and provide guidance.
  • Review practice problems together.
Analyze S Corp vs. C Corp Tax Implications
Undertake a project to compare the tax implications of operating a business as an S corporation versus a C corporation, highlighting the advantages and disadvantages of each.
Show steps
  • Research the tax rules for S corporations and C corporations.
  • Identify the key differences in tax treatment.
  • Create a spreadsheet to compare tax liabilities under different scenarios.
  • Write a report summarizing your findings.

Career center

Learners who complete S Corporation Income Tax - Form 1120S will develop knowledge and skills that may be useful to these careers:
Tax Accountant
A tax accountant prepares tax returns for individuals or businesses, ensuring compliance with relevant tax laws and regulations. This course helps build a foundation for understanding S corporation taxes, which is a common business structure. A tax accountant often works with S corporations, preparing their tax returns using Form 1120S. The course provides a systematic format for data entry, minimizing errors, which is essential for accurate tax preparation. Understanding Schedule K and M-1 adjustments, as covered in the course, is crucial for completing Form 1120S accurately. Additionally, exporting K-1 forms to individual 1040s, as demonstrated in the course, is a regular task for a tax accountant dealing with S corporations.
Tax Preparer
A tax preparer assists individuals and businesses with preparing and filing their tax returns. This course helps anyone looking to understand the intricacies of S corporation tax returns. Tax preparers need to be familiar with Form 1120S, which this course covers in detail. Understanding how to use tax software, like Lacerte (used in the course), is essential for efficient tax preparation. The course's focus on minimizing errors and isolating problems during data entry helps tax preparers ensure accuracy. The course also covers K-1 forms, which are important for S corporation shareholders.
Certified Public Accountant
A certified public accountant is a licensed professional who provides accounting and tax services to individuals and businesses. This course helps a certified public accountant better serve their clients who own S corporations. CPAs often specialize in tax and prepare complex tax returns, including Form 1120S for S corporations. The course on systematically entering data while minimizing errors and isolating problems is directly relevant to this work. The course also covers Schedule K and M-1 adjustments. It also covers the process of exporting K-1 forms to individual Form 1040s.
Enrolled Agent
An enrolled agent is a federally authorized tax practitioner who can represent taxpayers before the Internal Revenue Service. This course helps an enrolled agent better serve their clients who own S corporations. Enrolled agents often prepare and file Form 1120S on behalf of their clients. The course, which focuses on a systematic approach to data entry, minimizing errors, isolating problems, and understanding Schedule K and M-1 adjustments, is directly relevant to this work. The course also covers the process of exporting K-1 forms to individual Form 1040s, a task enrolled agents frequently handle.
Tax Manager
A tax manager oversees the tax planning and compliance functions of an organization. This course helps tax managers stay current with best practices for S corporation tax preparation. Tax managers working with businesses structured as S corporations benefit from the course's systematic approach to inputting data into Form 1120S. The course addresses minimizing errors and isolating problems during data entry. This is crucial for accurate tax reporting. The course also covers Schedule K and M-1 adjustments, as well as the exporting of K-1 forms, which are all tasks a tax manager might oversee or perform.
Tax Associate
A tax associate assists with tax compliance and tax planning activities. This course helps tax associates develop a deeper understanding of S corporation tax returns. Tax associates often work on preparing Form 1120S for S corporations. A tax associate can prepare tax returns more efficiently using the systematic format of data entry. The course explains how to minimize errors and isolate problems, which results in more time savings. It also covers Schedule K and M-1 adjustments, and the exporting of K-1 forms.
Tax Consultant
A tax consultant provides expert advice to individuals and businesses on tax planning and compliance. This course helps tax consultants enhance their understanding of S corporation tax returns. Tax consultants often advise clients on the best strategies for minimizing their tax liabilities. The course’s focus on the systematic data input process minimizes errors. It also isolates problems, which is essential for providing accurate advice. The course addresses Schedule K and M-1 adjustments, and how to export K-1 forms. This is essential for consulting with S corporations.
Controller
A controller oversees the accounting and financial reporting processes of an organization. Understanding S corporation income tax is crucial for a controller in a company structured as an S corporation. This course helps controllers understand the data input process for Form 1120S, which is essential for S corporations. Controllers are responsible for ensuring accurate financial reporting and tax compliance. The course's systematic format of entering data into Form 1120S minimizes errors. Furthermore, the course covers Schedule K and M-1 adjustments. These are critical components of S corporation tax returns, and this knowledge supports a controller's oversight responsibilities.
Business Owner
A business owner manages and operates their own company. This course may be useful for business owners of S corporations who want to understand their tax obligations. Understanding how to prepare Form 1120S helps business owners ensure they are meeting their tax responsibilities. The course’s systematic approach to data entry minimizes errors. It also isolates problems, which can save time and money. The course also covers Schedule K and M-1 adjustments, as well as the exporting of K-1 forms, which are relevant to business owners who need to understand the tax implications for themselves and their shareholders.
Staff Accountant
A staff accountant supports the accounting department by performing various tasks, including preparing financial statements and assisting with tax preparation. This course may be useful for a staff accountant who needs to understand S corporation tax requirements. Often, staff accountants are tasked with gathering and organizing the financial data needed for tax returns. The course's focus on using Excel worksheets to support tax data input can significantly improve efficiency and accuracy. The course also addresses Schedule K and M-1 adjustments, which are important components of S corporation tax returns. By learning how to input data into Form 1120S systematically, a staff accountant can better support their company's tax compliance efforts.
Bookkeeper
A bookkeeper records financial transactions and maintains a company's financial records. This course may be helpful for a bookkeeper who wants to expand their knowledge of S corporation taxes. They will understand how the financial data they manage impacts the S corporation's tax return. The course's emphasis on using Excel worksheets for organizing tax data can significantly improve the bookkeeper's efficiency. By learning how to track Schedule K and M-1 adjustments, the bookkeeper can provide more detailed and accurate information to the tax preparer. The systematic approach to data input taught in the course helps bookkeepers avoid errors and maintain cleaner financial records.
Accounting Manager
An accounting manager supervises accounting staff and ensures the accuracy of financial records. This course may be useful for accounting managers who need to understand the tax implications of S corporations. Accounting managers working with S corporations often oversee the preparation of Form 1120S. The course's emphasis on using Excel worksheets to support tax data input can improve efficiency and accuracy within the accounting department. The course also addresses Schedule K and M-1 adjustments, which are important components of S corporation tax returns. By understanding these concepts, an accounting manager can better supervise their staff and ensure compliance.
Auditor
An auditor examines financial records to ensure accuracy and compliance with regulations. Auditors sometimes review S corporation tax returns as part of their audit procedures. This course may be useful for auditors looking to better understand the Form 1120S preparation process. The course’s breakdown of data input, including Schedule K and M-1 adjustments, provides valuable insight into the components of an S corporation tax return. Understanding this process helps auditors more effectively assess the accuracy and completeness of the tax return.
Finance Director
A finance director is a senior-level executive who manages the financial planning, budgeting, and reporting for an organization. This course may be useful for finance directors seeking a better understanding of S corporation tax implications. Understanding Form 1120S and the related schedules, such as Schedule K and M-1, is crucial for overseeing the financial health of an S corporation. The course's systematic approach to data input helps ensure accuracy in financial reporting. This may be useful for directors who wish to have oversight or involvement with these processes.
Financial Analyst
A financial analyst analyzes financial data to provide insights and recommendations to businesses. This course may be useful for financial analysts working with S corporations. Understanding the tax implications of S corporation status may help inform their financial analysis. The course's focus on Form 1120S and related schedules provides a foundation for understanding how S corporations are taxed. While a financial analyst may not directly prepare tax returns, understanding the tax implications can inform their financial models and forecasts.

Reading list

We've selected two books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in S Corporation Income Tax - Form 1120S.
Provides a comprehensive overview of S corporation taxation, covering topics such as eligibility requirements, shareholder basis, and distributions. It serves as a valuable reference for understanding the complexities of Form 1120S. The book offers practical guidance and examples to help navigate the intricacies of S corporation tax compliance. It is useful as both a reference and for additional reading.

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