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S Corporation Income Tax - Form 1120S
Bestseller
Highest Rated
Rating: 4.6 out of 5(676 ratings)
32,076 students

S Corporation Income Tax - Form 1120S

Learn to enter tax data for an S Corporation into Form 1120S from a CPA
Bestseller
Highest Rated
Created byRobert (Bob) Steele
Last updated 2/2022
English
English [Auto],

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

Course content

2 sections • 22 lectures • 4h 2m total length

  • Introduction4:54

    Explains how to prepare an S corporation tax return (Form 1120S) using Excel worksheets, tax forms, and open items lists, detailing K-1 and M-1 adjustments and FICA considerations.

  • Documents To Download
  • C1 S Corp Comprehensive Problem Part 1 Review Data15:22

    Review and organize S corporation data for Form 1120S using Excel and tax software, reconcile book and tax figures with adjustments and open items.

  • C2 S Corp Comprehensive Problem Part 2 Worksheet20:58

    Enter client data into the Excel-based S corporation comprehensive problem part 2 worksheet, converting financial statements to a trial balance and reconciling book income with tax income for Form 1120S.

  • C3 S Corp Comprehensive Problem Part 3 Information Data Input15:03

    Input S corporation data into Form 1120S using a worksheet for data input and a trial balance. Roll forward prior year data to reconcile retained earnings and basis.

  • C4 S Corp Comprehensive Problem Part 4 Data Impute Balance Sheet17:05

    Enter beginning and ending balance sheet data (schedule L) into the tax return, verify consistency with the trial balance, and reconcile with future income statements and depreciation adjustments.

  • C5 S Corp Comprehensive Problem Part 5 Data Impute Income Stmt.20:46

    Input the S corporation income statement into tax software, reconcile to net income, and plan depreciation, fixed assets, and M-1 or schedule K adjustments for a balanced balance sheet.

  • C6 S Corp Comprehensive Problem Part 6 Data Impute Distributions8:06

    Learn how to input distributions for an S corporation in Form 1120S, reconcile beginning and ending retained earnings, and fix M1 adjustments through tax software workflows.

  • C7 S Corp Comprehensive Problem Part 7 Sch. Depreciation20:46

    Explain how to record book and tax depreciation for an S corporation, using software, managing prior year data, and reconciling with M-1 adjustments and Form 1120-S.

  • C8 S Corp Comprehensive Problem Part 8 Sch. K Adj Div & Int13:09

    Apply schedule K adjustments to dividend and interest income in an S corporation. Trace journal entries in Excel and tax software to reconcile income, M-1, and schedule L balances.

  • C9 S Corp Comprehensive Problem Part 9 Sch. K Charity Donation7:24

    Learn how to handle charitable contributions for an S corporation by processing schedule K adjustments in tax software, reconciling balances on Form 1120S, and recording journal entries.

  • C10 S Corp Comprehensive Problem Part 10 M-1 Tax Exempt Interest5:31

    Enter the tax-exempt interest adjustment on Form 1120S using an M-1 adjustment, reconcile the schedule L balance, and verify the journal entries balance the books.

  • C11 S Corp Comprehensive Problem Part 11 Officer Compensation9:30

    Demonstrates entering officer compensation from W-2 data into an S corp 1120S, reallocating officer wages on page 1 to balance schedule L and tie out the forms.

  • C12 S Corp Comprehensive Problem Part 12 M-1 Meals7:57

    Tackle the meals M-1 adjustment in an S corporation comprehensive problem, inputting meals data with software and reconciling Form 1120S schedules.

  • C13 S Corp Comprehensive Problem Part 13 M-1 Bad Debt7:54

    Learn how to record an M-1 bad debt adjustment for an S corporation, applying the actual write-off deductions and inputting the adjustment into tax software and Form 1120S.

  • C14 S Corp Comprehensive Problem Part 14 COGS10:05

    Learn to calculate cost of goods sold for an S corporation using form 1120S, balancing beginning inventory, purchases, ending inventory, and the balance sheet, with Excel goal seek demonstration.

  • C15 S Corp Comprehensive Problem Part 15 Sch. K & M-110:26

    Analyze Schedule K and M-1 reconciliations for an S corporation, comparing book numbers to tax numbers using tax software, with items such as interest, dividends, charitable contributions, and depreciation.

  • C16 S Corp Comprehensive Problem Part 16 K-110:11

    Explain how an S corporation's Form 1120S flows to shareholders via Schedule K-1, allocate income 70/30 to Tim and James, and prepare their individual Form 1040s using tax software.

  • C17 S Corp Comprehensive Problem Part 176:26

    Explore how to calculate shareholder bases in an S corporation using Form 1120S data, including beginning balances, stock bases, debt bases, and K-1 rollovers to the 1040.

  • C18 S Corp Comprehensive Problem Part 18 Diagnostics7:19

    Learn how S corporation Form 1120S diagnostics guide data input, identify required fields and balance sheet issues, and manage overrides and draft forms to ensure accurate returns.

  • C19 S Corp Comprehensive Problem Part 19 Sch K To Form 10405:21

    Export Schedule K-1 data from the S-Corp 1120s to the individual 1040 and illustrate the distribution of income to Tim Jones.

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

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