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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:

Get the e-book FREE when you purchase the corresponding 2022 course when available.