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Preparing S Corporation Returns Self-Study

8 CPE for AFSP, EA, CPA, CRTP


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Summary

Many tax professionals are expanding their client base to include business clients. As a result, they need to know how to prepare a tax return for an S corporation, which is a common tax classification. This course is designed for tax professionals who are new to preparing S corporation tax returns. The course material explains how to become an S corporation and guides tax professionals through Form 1120-S, U.S. Income Tax Return for an S Corporation, and its accompanying schedules. We begin with an example, and as the text progresses, we apply the course material to the example and finish with a completed Form 1120-S.

Objectives

Upon completion of this course, you will be able to:

  • Determine which businesses are eligible to be an S corporation
  • Make a valid S election by filing Form 2553, Election by a Small Business Corporation
  • Summarize the tax consequences of transferring property or services to an S corporation in exchange for stock of the corporation
  • Choose a tax year and accounting method for an S corporation
  • Explain how to report S corporation items on Form 1120-S and Schedule K-1
  • Summarize the unique fringe benefit rules for more-than-2% shareholders
  • List income and expense items that differ for book and tax purposes

Course Details

This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.

Course Year: 2024
Course Level: Basic
Prerequisite: None
Advanced Preparation: None
Delivery Method: QAS Self Study

 

CPE CreditsDesignationField of Study
IRS8AFSPFederal Tax Law Topic
IRS8EAFederal Tax Law Topic
NASBA 8CPA Taxes
CTEC8CRTPFederal Tax Law Topic
CFP Board0CFP® N/A

Table of Contents

How to Earn CPE

To receive credit for this self-study course, you must successfully pass the course exam with a score of 70% or better.

Self-study courses and exams generally expire one year from the date of purchase.

Cancellation Policy

​Because this is an online education offering, it is nonrefundable.

How to Earn CPE

To receive credit for this self-study course, you must successfully pass the course exam with a score of 70% or better.

Self-study courses and exams generally expire one year from the date of purchase. The AFTR course expires on December 31 of each year as required by the IRS.

Cancellation Policy

​Because this is an online education offering, it is nonrefundable.

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