WEBINAR: Preparing Form 1120S

This is a two-part webinar series. Please note, if you register for the series, you will be signed up for both of the following webinars (dates and times listed below):

• October 16th from 8:30 a.m. - 12:30 p.m.
• October 23rd from 8:30 a.m. - 12:30 p.m.

Part 1: Form 1120-S is the cornerstone of S corporation tax compliance—and it’s packed with nuanced questions that can trip up even seasoned preparers. This full-day course provides a line-by-line walkthrough of Form 1120-S, with practical guidance on filing deadlines, officer compensation, passive activity grouping, and shareholder involvement.

Participants will learn how to answer key questions on Schedule B, determine “reasonable compensation” for shareholders, and apply special rules for minimally involved owners. The course also covers strategies to eliminate late-filing penalties and ensure accurate reporting of officer compensation on Schedule 1125-E. Whether you're advising active shareholders or navigating passive activity rules, this session equips you with the tools to file confidently and compliantly.

Objectives:

• Complete Form 1120-S on a line-by-line basis
• Identify strategies to eliminate late-filing penalties for S corporation returns
• Answer Form 1120-S questions related to passive activity grouping
• Determine how to correctly respond to Schedule B questions
• Understand when Schedule 1125-E must be filed and what information is required
• Evaluate reasonable compensation for shareholders, including special rules for limited involvement

Part 2: Form 1120-S preparation doesn’t stop at the main return—Schedules M-1, M-2, K-1, and the accumulated adjustments account (AAA) require careful attention to ensure accurate reporting and compliance. This full-day course walks participants through the second half of Form 1120-S preparation, with a focus on shareholder loans, income categorization, and new rules affecting Schedules K-2 and K-3.

Participants will learn how to complete Schedules M-1 and M-2, determine when K-2 and K-3 filing is waived, and properly categorize income and expense items across the AAA, accumulated earnings account, and other adjustments account. The course also covers disclosure requirements for Schedule K-1 and how to apply the “closing of the books” election. Whether you're preparing returns or advising clients, this session equips you with the tools to navigate complex S corporation reporting with confidence.

Objectives:

• Complete Form 1120-S on a line-by-line basis, including Schedules M-1 and M-2
• Identify the criteria that waive the requirement to file Schedules K-2 and K-3
• Categorize income and expense items across the AAA, accumulated earnings account, and other adjustments account
• Apply the “closing of the books” election for shareholder allocations
• Recognize disclosure requirements for Schedule K-1
• Understand the tax implications of loans from shareholders