S Corporation Income Tax - Form 1120S

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

4.37 (180 reviews)
Udemy
platform
English
language
Other
category
20,106
students
4 hours
content
Feb 2022
last update
$109.99
regular price

What you will 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

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.

Screenshots

S Corporation Income Tax - Form 1120S - Screenshot_01S Corporation Income Tax - Form 1120S - Screenshot_02S Corporation Income Tax - Form 1120S - Screenshot_03S Corporation Income Tax - Form 1120S - Screenshot_04

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

Reviews

Steve
May 30, 2022
Nearly every line of the 1120S is explained. However, the presenter has an approach of putting all of the input data initially into his own Excel spreadsheet, then transferring into the 1120 S. The bulk of the course is the presenter going back and forth between his spreadsheet and the 1120S using Lacert tax software. This course may not be the best for someone just starting to learn about 1120S
Deneen
April 9, 2022
Yes this was a good match for me because I actually wanted to see the ins and outs of the adjustments from book to tax and this so far is laying it out as I expected and needed to see.
Michael
March 27, 2022
A great instructor who speaks clearly and enunciates. I like being able to see what he is doing on the actual tax return. This is a great learning tool.
F
January 30, 2022
I liked it. I was looking for something more detailed, but for those who are starting to know bout 1120s, this course would help.
Dominique
January 11, 2022
Great course once again. If you've taken Bob's Partnership course, this will be a refresher and and further strengthen one's knowledge on business tax returns.
Ilyas
January 11, 2022
These course is very useful learn and understand S-Corp data input and tax preparation. Thank you so much!
Kisa
September 28, 2021
Thank you so very much for providing this course. I can't wait to take your additional courses. I have been searching for Lacerte & 1120S for over a year and I have learned and retained more with you in 3 hours (so far) than 2 years combined on other sites. Thank you, Thank you, Thank you!
Michelle
July 16, 2021
So far, so good. Jumps right into course without all the useless and needless time filling information.
Viktoriia
November 2, 2020
This course is a very helpful. I have started understand how to enter tax data for an S Corporation better. Now I understand difference between Schedule C and Form 1120S for a tax purpose. I feel more confident now. Thanks a lot for helping me to handle this topic.
Jayalakshmi
September 10, 2020
It is a great course! The instructor covers almost every line of 1120S with good explanation. He is a little bit fast in navigating through the spreadsheets, but explains very thoroughly and clearly. Next, I am moving to learn about 1065, Partnership taxes.
Lidia
August 28, 2020
I am 100% satisfied. The information is very valuable. The comprehensive worksheet, all the processes, everything have been taking care of in this course. It is very engaging, very clear. I purchased other courses from Robert Bob Steele that I will be studying right after this one. I wished I had this course when I started in Public Accounting.
Gennarino
July 4, 2020
It was good. Like the step process which would be good for first time tax individuals. Would have like to see M-2 discussed. It was on the screen. Notice some errors; including spelling "Meals" and reverence the wrong M-1 book to tax adjustment - $2,000 meals not reverence meals but another M-1 adjustment for the same amount. Note: would be good to make all M-1 adjustment different amounts so that there would be less of a chance to reference the wrong M-1 adjustment. Terrible that you have to repeat the same thing the first 20 seconds of each section. Overall Good Job!
Desteni
June 5, 2020
I felt the course was very informative and detailed oriented however, I feel like the "supportive courses" he mentioned throughout the course should've been listed in the description of this course for easy access.
Michael
January 21, 2020
I already viewed the P-Ships class. After going through both, I see the methodology a lot better. I've been looking for a systematic approach to tackle business taxes, including a logical way to create a back-up in Excel should I get stuck in practice. I can't recommend the class(es) enough.
Jason
December 18, 2019
This is the best course I've ever seen about the business tax preparation topic on Udemy. It teaches you how to solve the REAL problems in both bookkeeping and tax preparation. Thanks Bob very much for sharing your experience and skills.

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2701734
udemy ID
12/12/2019
course created date
2/7/2020
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