Form 1120S: Mastering the Complex Schedules for S Corps

Navigating Changes to the 3.8% NII Tax, Schedules D and M-3, and More

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Wednesday, February 5, 2014

Recorded event now available

Course Materials

This course will improve tax return preparers' familiarity with the challenges and solutions for preparing specific parts of Form 1120S. The panel will discuss recent legislative changes and updates to 2013 versions of forms, and provide a detailed look at key schedules, including Schedules K, K-1, M-3 and D.

Description

S corporation return filings (Form 1120S) require knowledge of relevant IRS guidance and legislative and administrative updates to ensure proper compliance. How do the 3.8% federal investment income Medicare surtax and Sect. 179 expense deductions affect filing for S corporations?

The difficulties don’t end there. Tax professionals can’t afford to ignore updates to regulations and form schedules, including changes affecting Schedule M-3 reconciliation of net income and loss, and Schedule D for capital gains and losses.

These updates complicate ongoing compliance issues such as reporting income items on Schedule K, calculating stock basis and debt basis for S-Corp shareholders, and determining what entities can make an S-Corp election.

Listen as our experienced panel reviews the rules and offers guidance for tax return preparers completing Form 1120S and its schedules.

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Outline

  1. Legislative updates
  2. Updates to forms and schedules for 2013
  3. Detailed run-down of forms and schedules
    1. Schedules K and K-1
    2. Schedules M-2 and M-3
    3. Schedule D
  4. Frequent issues
    1. Determining S-Corp elections
    2. Stock and debt basis calculations

Benefits

The panel will review important updates and give their expertise in these and other areas:

  • Translating recent regulatory and legislative updates to the bottom line for return completion.
  • Accurately completing the various required 1120S schedules.
  • Avoiding common mistakes when completing Form 1120S for clients.

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Faculty

Dennis Mowrey
Dennis Mowrey
Tax Director
Schneider Downs

Mr. Mowrey has more than 30 years of experience in tax compliance and planning work for C corporation, S corporation,...  |  Read More

Sydney S. Traum
Sydney S. Traum
BBA, JD, LLM (Tax), CPA
Law Offices of Sydney S. Traum

Mr. Traum is the author of two textbooks, "The S Corporation: Planning & Operation" and "The S...  |  Read More