Description:
This book is for preparing 2024 taxes. Many tax professionals are expanding their client base to include business clients. As a result, they need to know how to prepare a tax return for an S corporation, which is a common tax classification. This course is designed for tax professionals who are new to preparing S corporation tax returns. The course material explains how to become an S corporation and guides tax professionals through Form 1120-S, U.S. Income Tax Return for an S Corporation, and its accompanying schedules. We begin with an example, and as the text progresses, we apply the course material to the example and finish with a completed Form 1120-S.
Topics include:
- Determining which businesses are eligible to be an S corporation
- Making a valid S election by filing Form 2553, Election by a Small Business Corporation
- Summarizing the tax consequences of transferring property or services to an S corporation in exchange for stock of the corporation
- Choosing a tax year and accounting method for an S corporation
- Explaining how to report S corporation items on Form 1120-S and Schedule K-1
- Summarizing the unique fringe benefit rules for more-than-2% shareholders
- Listing income and expense items that differ for book and tax purposes
- Summarizing the tax consequences when an S corporation makes distributions of cash or noncash property
Product Details:
Item Number: E24330
Level: Basic
Authors: NATP Staff
Published: 2024
Format: Electronic PDF - 236 pages
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Corresponding CPE Courses:
Get this e-book FREE when you purchase the corresponding 2024 course.
Purchase Info:
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