1120S Preparation and Planning 2: Business Income, Deductions and Tax Payments (2020 Edition)

Author: Barbara Weltman, Sidney Kess

This on-demand course reviews S corporation income tax return preparation. In this lesson, you’ll learn to correctly report trade or business deductions on Form 1120S, identify when an S corporation may be subject to income tax, describe estimated tax requirements, and more.

Publication Date: October 2019

Designed For
Tax practitioners.

Topics Covered

• General concepts used in reporting business income
• Reporting trade and business income on Form 1120S
• Tax and Payments

Learning Objectives

• Correctly report gross receipts and inventory (including the cost of goods sold) on Form 1120S
• Recognize what other income is included in trade or business income
• Correctly report trade or business deductions on Form 1120S
• Describe built-in gains tax issues
• Identify when an S corporation may be subject to Income tax
• Describe estimated tax requirements
• Recognize who is taxable on the interest income under the tax benefit rule
• Describe correct statements regarding a C Corporation using LIFO inventory converted to S status
• Describe "other income" reported on line 5 of Form 1120S
• Identify how Form 1125-A is used
• Describe UNICAP rules
• Recognize correct statements about gross profits
• Recognize correct statements about installment sales
• Identify bad debts for an S Corporation
• Recognize correct statements with respect to the built-in gains tax

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (3 hours)

Program Prerequisites
1120S Preparation and Planning 1: Tax Fundamentals

Advance Preparation
None