About this Course
Topics covered include:
Review S corporation income tax return preparation;
Overview of Schedules L, M-1, M-2, M-3 and K-1.
Upon completing this course, you should be able to:
Identify when it is necessary to complete Schedules L, M-1, M-2, and M-3;
Adjust and maintain an accumulated adjustments account (AAA);
Successfully complete Schedules L, M-1, M-2, and M-3;
Compute each shareholder's share of corporate items;
Successfully complete Schedule K-1;
Identify when to elect (or not elect) S status;
Describe how S corporations compare with limited liability companies;
Explain the impact of the additional Medicare taxes on S corporation shareholders;
Avoid common errors in preparing Form 1120S.