S-Corporation Tax Preparation Training bundle

S-Corporation Tax Prep Training Bundle

S-Corp tax prep Start to Finish - Making it Easy
Earn 5 IRS Federal CE credits while learning how to help your small business clients navigate the complexities of becoming, maintaining, and staying compliant with S-corp rules, regulations, and tax return filing requirements.

What is an S-Corporation?
Who can become and S-corp and who cannot?
Why would you want to be an S-corp?
How to apply to become and S-corp?
Limitations and Rules that apply to S-corps?
Hands on work with form 1120S
Common S corp tax preparation errors to avoid
When, Where, and How to file S-corp tax returns

S-Corporation Tax Preparation Training bundle

$ 179.99 $ 159.99 Add To Cart

Course Description

This 5 credit course provides a practical, step-by-step guide to preparing S-Corporation tax returns, starting from the base fundamentals of S-Corp taxation to hands on preparation of a mock S-corp tax return. Students will learn about S-Corporation eligibility rules, governance and compliance requirements, tax-year and accounting-method considerations, and the key benefits and drawbacks to consider when choosing this entity structure. The course covers essential tax forms and schedules, including Schedules L, M-1, M-2, K-1, multi-state K-1 reporting, information returns, common errors, and details on how to amend returns if needed. Special emphasis is placed on shareholder-basis calculations, stock- and debt-basis calculations, distributions, constructive dividends, loss limitations, Form 7203 reporting, shareholder loans, and recordkeeping requirements. Through real-world scenarios and software walkthroughs, students will gain hands-on experience entering trial balances, working with financial statements, balancing entries, and identifying common issues encountered when working with different types of S-Corporation clients.

Why choose an S-Corp vs other business structure options?
While S-Corporations do offer tax savings, generally in the form of reduced self-employment taxes, special consideration must be paid to the ongoing requirements of S Corporations and their owners. It is not a default that S-Corporation status is right for every business. Who will be the owners, what is their ability to do proper bookkeeping and payroll, and are they aware of the additional tax filing requirements?
How to apply to be an S-Corp?
This training course will cover the detailed preparation of form 2553, When and how to file this to this S-Corp election to ensure smooth processing, and what to do if you miss the deadline for electing to become an S-Corporation.
Additional requirements and responsibilities of S-Corps
S-Corps have specific requirements as to who can be shareholders, how many shareholders you can have, mandatory formal payroll processing, detailed bookkeeping tracking not just income and expenses but also member capital contributions and shareholder distributions. S-Corps can be a tax saving business structure, these savings to not come without additional regulations and requirements.
Common pricing for S-Corp tax return preparation
S-Corp tax preparation is not easy, quick and simple. This is a premium service that justifies premium billing. Typical pricing for federal and state 1120S preparation ranges anywhere from $750 to well over $2,500 per year. S-Corp prep can vary in complexity so pricing is not a “one-size-fits-all” situation, instead consideration must be taken on every return as to what additional forms, schedules, assets, owner details, and nuances are present to determine the appropriate price for the specific S-Corp return you are preparing.

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