4.45 (90 reviews)
☑ 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
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.
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
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.
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.
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.
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!
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.
I love Bob Steele. He is the man of taxes and Lacerte. He teaches a variety of courses for different business entities. I have his courses and they are all great. I will use his great experiences to increase my own accounting experiences. I will do small business clients that are S Corps, partnerships, C Corps, or LLCs. I will learn extensively through QuickBooks and Lacerte. I will take more courses from him.
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.
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.