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.
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.
* 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.
