Navigating Form 1120S: Top 10 Mistakes and How to Avoid Them!

Nicholas Preusch

Nicholas Preusch

Nick Preusch’s primary focus is performing tax services for high wealth individuals and mid-to-large business entities. Nick’s responsibilities include tax research related to complex business transactions and tax return preparation and review. He also works closely with businesses and individuals to find tax efficiencies through...
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June 12, 2024
01:00 PM ET | 12:00 PM CT
60 Mins

Unlock the secrets to flawless Form 1120S preparation in our exclusive webinar, where we unveil the most common pitfalls encountered by S Corporations and how to steer clear of them. Whether you're an experienced tax professional, an accountant, or a business owner navigating the intricacies of S Corporation taxation, this webinar is your essential guide to achieving compliance and maximizing tax efficiency.

In this comprehensive webinar, our expert will dissect the top 10 mistakes frequently made when completing Form 1120S, the U.S. Income Tax Return for an S Corporation.

Join us for an exclusive webinar designed to help tax professionals, accountants, and business owners navigate the complexities of S Corporation taxation. Led by Nicholas Preusch, CPA, JD, LLM, this webinar will uncover the top 10 mistakes made when completing Form 1120S, providing practical solutions and insights to ensure compliance and maximize tax efficiency. Whether you're new to S Corporation taxation or looking to enhance your expertise, this webinar is your essential guide to flawless Form 1120S preparation.

Webinar Agenda

  • Introduction to Form 1120S and its Importance in S Corporation Taxation
  • Top 10 Mistakes in Form 1120S Preparation: Causes and Consequences
  • Practical Examples and Case Studies Illustrating Common Pitfalls
  • Strategies to Avoid Mistakes and Ensure Compliance
  • Q&A Session: Addressing Participant Queries and Concerns

Webinar Highlights

Through practical examples and actionable insights, you'll gain a deep understanding of:

  • Proper handling of shareholder distributions and loans
  • Accurate reporting of shareholder basis and debt basis
  • Understanding limitations on pass-through losses
  • Navigating complexities of built-in gains tax
  • Avoiding errors in shareholder compensation and fringe benefits
  • Compliance with reasonable compensation requirements
  • Addressing common errors in income and deduction allocation
  • Ensuring accurate reporting of passive income and expenses
  • Correctly handling shareholder loans and repayments
  • Identifying and rectifying errors in Schedule K-1 preparation

Who Should Attend

CPAs, tax preparers, EAs, tax attorneys, CFO/CEOs

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IRS CPE Credits: 1 Tax hour

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