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Preparing S Corporation Returns textbook (2022)

Preparing S Corporation Returns textbook (2022)

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Overview

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Description:

This book is for preparing 2022 taxes. Tax professionals who are familiar with individual tax returns may find the preparation of their first S corporation tax return daunting. This textbook is designed for tax professionals adding S corporation clients to their business. It will guide tax professionals through Form 1120-S, U.S. Income Tax Return for an S Corporation, and the accompanying schedules. It wraps up everything with a comprehensive example showing how to apply the guidance.

Topics include:

  • 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
  • Listing income and expense items that differ for book and tax purposes
  • Determining amounts to pass through and allocate to each shareholder on Schedule K-1
  • Identifying separately stated items for Schedule K-1 and summarize special rules for certain items, such as §179 and the §199A deduction

Product Details:

Item Number: 22330

Level: Basic

Authors: NATP Staff

Published: 2022

Format: Print - 212 pages


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Corresponding CPE Courses:

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