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: 24330

Level: Basic

Authors: NATP Staff

Published: 2024

Format: Print - 236 pages

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Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding 2024 course.