Description:

This book is for preparing 2021 taxes. 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:

Item Number: 21330

Level: Basic

Authors: NATP Staff

Published: 2021

Format: Print - 208 Pages

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