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Course Details

Form 1120S: Mastering the Complex Schedules for S Corps

Webinar: ID# 1013377
Recorded CD
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About This Course:
This webinar will improve tax return preparers' familiarity with the challenges and solutions for preparing specific parts of Form 1120S. The panel will discuss recent legislative changes and updates to 2013 versions of forms, and provide a detailed look at key schedules, including Schedules K, K-1, M-3 and D.

Course Description

S corporation return filings (Form 1120S) require knowledge of relevant IRS guidance and legislative and administrative updates to ensure proper compliance. How do the 3.8% federal investment income Medicare surtax and Sect. 179 expense deductions affect filing for S corporations?

The difficulties don't end there. Tax professionals can't afford to ignore updates to regulations and form schedules, including changes affecting Schedule M-3 reconciliation of net income and loss, and Schedule D for capital gains and losses.

These updates complicate ongoing compliance issues such as reporting income items on Schedule K, calculating stock basis and debt basis for S-Corp shareholders, and determining what entities can make an S-Corp election.

Listen as our experienced panel reviews the rules and offers guidance for tax return preparers completing Form 1120S and its schedules.

Agenda

  • Legislative updates
  • Updates to forms and schedules for 2013
  • Detailed run-down of forms and schedules
  • Schedules K and K-1
  • Schedules M-2 and M-3
  • Schedule D
  • Frequent issues
  • Determining S-Corp elections
  • Stock and debt basis calculations

Benefits
The panel will review important updates and give their expertise in these and other areas:

  • Translating recent regulatory and legislative updates to the bottom line for return completion
  • Accurately completing the various required 1120S schedules
  • Avoiding common mistakes when completing Form 1120S for clients

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Upon completing this seminar, you will have a new awareness of the rules and ways to complete Form 1120S and its relevant schedules.

Faculty

Dennis Mowrey, Tax Director
Schneider Downs, Columbus, Ohio
Mr. Mowrey has more than 30 years of experience in tax compliance and planning work for C corporation, S corporation, partnership and individual clients. He has worked on tax matters both for large accounting firms and two corporations.

Sydney S. Traum, BBA, JD, LLM (Tax), CPA
Law Offices of Sydney S. Traum P.A., Miami, Fla.
Mr. Traum is the author of two textbooks, "The S Corporation: Planning &Operation" and "The S Corporation Answer Book," both from Aspen Publishers Inc. He is a member of the American Bar Association Tax Section's S Corporations Committee

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Form 1120S: Mastering the Complex Schedules for S Corps
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