S Corporation Income Tax – Form 1120S

S Corporation Income Tax - Form 1120S

S Corporation Income Tax – Form 1120S

Learn to enter tax data for an S Corporation into Form 1120S from a CPA

Language: english

Note: 4.6/5 (236 notes) 24,186 students

Instructor(s): Robert (Bob) Steele

Last update: 2022-02-18

What you’ll learn

  • How to enter tax data for an S Corporation into form 1120S
  • How to use tax software to input an S Corporation tax return
  • How to use an Excel worksheet to support tax data input for an S corporation
  • How to enter and track Schedule K adjustments
  • How to enter and track M-1 adjustments
  • How to enter and review data for Form K-1
  • Comparison of Social Security and Medicare tax between an S Corporation and Schedule C Sole Proprietorship

 

Requirements

  • None

 

Description

This course currently consists of a comprehensive problem showing the data input process of an S Corporation tax return into Form 1120S.

This course will put together a systematic format of entering data into a Form 1120S that will minimize errors, isolate problems as they happen, and remove the possibility of having to start the process all over again.

We will enter each M-1 adjustment individually into both the tax return and an Excel worksheet so that we fully understand how they work.

We will start by reviewing the data for the comprehensive problem.

Then we will enter the data into an Excel worksheet that will be used to help us organize the information.

We will be using Lacerte Tax software to enter the tax data into Form 1120S. However, we will also provide PDF files of the tax forms so learners can enter the data directly into the tax forms as we go. The tax forms can also be found on the IRS website.

The course will demonstrate how to enter the data into the tax forms in stages to reduce potential mistakes and to identify mistakes as they happen so they can be fixed as easily as possible.

We will start the data input with the balance sheet.

Then we will enter the income statement as it is formatted in the adjusted trial balance.

Next, we will systematically go through Schedule K and M-1 adjustments. We will isolate these adjustments, reviewing them on the tax forms, in the software, and using our Excel worksheet.

We will then review the tax forms.

Next, we will review the Form K-1s and basic calculations.

The course will demonstrate the exporting of the K-1 Form to the individual Form 1040 for an owner of the S corporation.

 

Who this course is for

  • Tax professionals
  • Business owners considering a S Corporation form of business entity
  • Tax and accounting students

 

Course content

  • Comprehensive Problem
    • Introduction
    • Documents To Download
    • C1 S Corp Comprehensive Problem Part 1 Review Data
    • C2 S Corp Comprehensive Problem Part 2 Worksheet
    • C3 S Corp Comprehensive Problem Part 3 Information Data Input
    • C4 S Corp Comprehensive Problem Part 4 Data Impute Balance Sheet
    • C5 S Corp Comprehensive Problem Part 5 Data Impute Income Stmt.
    • C6 S Corp Comprehensive Problem Part 6 Data Impute Distributions
    • C7 S Corp Comprehensive Problem Part 7 Sch. Depreciation
    • C8 S Corp Comprehensive Problem Part 8 Sch. K Adj Div & Int
    • C9 S Corp Comprehensive Problem Part 9 Sch. K Charity Donation
    • C10 S Corp Comprehensive Problem Part 10 M-1 Tax Exempt Interest
    • C11 S Corp Comprehensive Problem Part 11 Officer Compensation
    • C12 S Corp Comprehensive Problem Part 12 M-1 Meals
    • C13 S Corp Comprehensive Problem Part 13 M-1 Bad Debt
    • C14 S Corp Comprehensive Problem Part 14 COGS
    • C15 S Corp Comprehensive Problem Part 15 Sch. K & M-1
    • C16 S Corp Comprehensive Problem Part 16 K-1
    • C17 S Corp Comprehensive Problem Part 17
    • C18 S Corp Comprehensive Problem Part 18 Diagnostics
    • C19 S Corp Comprehensive Problem Part 19 Sch K To Form 1040
  • Social Security and Medicare Taxes
    • S Corp Compared to Sch. C FICA Taxes

 

S Corporation Income Tax - Form 1120SS Corporation Income Tax - Form 1120S

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