Fundamentals of Preparing Form 1120-S - S Corporations


What makes an S Corp different from other business structures? What are the tax implications and what should tax preparers know about Form 1120? This course covers basic definitions and terms regarding S corporations and how to prepare Form 1120-S and related forms.

Last Revision: January 2024



Prerequisites are not necessary to participate in this course and no advance preparation is needed.

Course Description

S corporations remain a popular business structure in the US, primarily due to rules that permit them to avoid the double taxation that is a feature of C corporations. Instead of being taxed as a corporation, taxation of S corporations is generally directly passed through to the personal income tax returns of the shareholders.

When tax preparers are familiar with Form 1120-S, U.S. Income Tax Return for an S Corporation, they become a valuable resource for clients who seek to be compliant with federal tax law.

After completing this course, you will be able to:

  • Explain what is an S Corporation and how it differs from other business structures.

  • Prepare Form 1120-S in compliance with IRS rules.

  • Identify other tax topics and forms that are closely tied to Form 1120-S. 

CPE Facts

Affiliation* CPE Awarded Delivery Method Field of Study Course ID Sponsor ID
NASBA 2 Self-Study Taxes N/A 103137
CTEC 2/0 Self-Study Federal Tax Law 3038-CE-0318 3038
IRS 2 Self-Study Federal Tax Law FQTGU-T-00632-24-S FQTGU
Texas State Board of Accountancy 2 Self-Study Taxes 100447 002921
Pennsylvania State Board of Public Accountancy 1 Self-Study (Non-Interactive) Taxes N/A

* Individuals with other professional credentials should check with their state licensing board or accrediting organization to determine if this program meets their continuing education requirements.

Other Details
Last Revision January 2024
Course Expiration The CPE portion of this course expires one year from date of purchase
DrakeCPE Course Policies and CPE Affiliations