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Federal Income Tax Issues of a Subchapter S-Corporation Form 1120-S

Course Price: N/A
CPE Credits
Advanced Preparation
The participants should be familiar with the concept of a pass through entity of taxation as well as understand the general concepts of the individual income tax law as it effects the investment of the individual taxpayers.
Course Level
Nina Tross MBA, EA
Course Description

This course reviews and updates the Tax Professional who has worked with Form 1120S with the basic knowledge needed to understand the flow of the tax characteristics of the separately stated and non-separated stated items of income, deductions, losses and credits as well as understanding the importance of a proper election to be taxed as a pass through entity. The course will also allow the experienced preparer of the Form 1120S the opportunity to review the election process and the importance of understanding basis limitations, ordering rules of basis and the importance of preventing the termination of Subchapter S election. In addition the course will discuss reasonable compensation of shareholder-employees and the distribution of net profits on a per-share, per-day allocation method.

Learning Objectives

The participants will be able to determine the requirements of an entity to qualify to make the Subchapter S election and identify and properly report separately stated and non-separately stated items of income, deductions, losses and credits. The participants will be able to understand the importance of properly accounting for shareholder stock and debt basis, distributions of Capital and the effect on the limitation of losses.


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Your registration confirmation will be emailed to you when your payment is processed. During our busy season, this can take up to 2-3 business days after we receive your registration.

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Yes. If you have a PTIN on file with us, we will submit your hours. To insure we have your correct info, please provide your PTIN when you register for a course. Please notify us if you have recently submitted a name change request to the IRS.

Your certificate will be emailed to you within 10 business days of the completion of the course.

  • Once your registration confirmation is emailed, due to the proprietary materials and content of orders are NOT ELIGIBLE for refund, cancellation, or transfer to another NSTP course.
  • materials and presentations are intended to stimulate thought and discussion and to provide attendees useful ideas and guidance in the areas of federal taxation and administration. These materials as well as the comments of the instructors do not constitute and should not be treated as tax advice regarding the use of any tax procedure, tax planning technique, device or suggestion, or any of the tax consequences associated with them.
  • Although the NSTP has made every effort to ensure the accuracy of the materials and the seminar presentation, neither the author, the presenter nor the National Society of Tax Professionals assumes any responsibility for any individual’s reliance on the written or oral information presented during the presentation. Each attendee should verify independently all statements made in the materials, and during the seminar presentation, before applying them to a particular fact pattern and should determine independently the tax and other consequences of using any device, technique, or suggestion before recommending the same to a client or implementing the same on behalf of a client, or on the attendee’s own behalf.
  • materials & presentations are fully protected under copyright law. Any attempt to copy for resale, distribution, or use other than personal use for tax preparation will be fully prosecuted of the law.
Testing Policy
  • require a test for CPE. 3 attempts are allowed.
  • You have 1 (one) year from date of purchase to complete the course by taking the test.
More Information For more information regarding refund, cancellation, and complaint policies, please contact our offices at 1(800) 367-8130.