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Preparing S Corporation Returns Textbook (2021) - #21330

Preparing S Corporation Returns Textbook (2021) - #21330

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Overview

Description:

Tax professionals who are familiar with individual tax returns may find preparation of their first S corporation tax return to be daunting. This textbook is designed for tax professionals adding S corporation clients to their business. Gain the knowledge necessary to complete S corporation tax returns. This textbook guides tax professionals through Form 1120-S, U.S. Income Tax Return for an S Corporation, and the accompanying schedules and then wraps up everything with a comprehensive example.

Table of Contents.

Topics include:

  • The advantages and disadvantages of forming an S corporation
  • Identifying businesses eligible to make the S election
  • Preparing Form 2553, Election by a Small Business Corporation, to make the S election
  • Choosing a tax year and accounting method for an S corporation
  • Preparing a basic Form 1120-S, including Schedules K, K-1, L, M-1 and M-2
  • Summarizing the unique fringe benefit rules for more-than-2% shareholders
  • Income and expense items that differ for book and tax purposes
  • Determining amounts to pass through and allocate to each shareholder
  • Identifying separately stated items for Schedule K-1
  • Summarizing the reporting requirements for the qualified business income deduction
  • Analyzing the §179 expense rules for S corporations

Product Details:

Level: Basic

Authors: NATP Staff

Published: 2021

Format: Print - 208 Pages


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