This course offers a comprehensive review of the most common mistakes encountered when preparing Form 1120S, the U.S. Income Tax Return for an S Corporation. Through detailed analysis and real-world examples, participants will gain a deeper understanding of these frequent errors and learn how to avoid them in their practice. The course covers both technical and procedural mistakes, with an emphasis on how to ensure accurate reporting, compliance, and efficiency in filing. Participants will also explore best practices and tips to streamline the preparation process and reduce the risk of audits.

Learning Objectives:

• Identify Common Errors: Recognize the top 10 mistakes typically made on Form 1120S, including both technical errors and compliance oversights.
• Understand Tax Implications: Analyze the potential tax consequences and penalties associated with common Form 1120S errors.
• Improve Accuracy: Develop strategies to ensure accurate reporting on Form 1120S, minimizing the risk of mistakes and subsequent IRS scrutiny.
• Enhance Procedural Compliance: Understand the procedural aspects of preparing Form 1120S, including the correct application of tax laws and regulations related to S Corporations.
• Implement Best Practices: Learn best practices for organizing and reviewing information before submission to reduce errors and improve the overall quality of tax returns.
• Audit Preparedness: Equip yourself with techniques to prevent common mistakes that may trigger an IRS audit, and understand how to rectify issues if they arise.
• Stay Updated: Gain insight into any recent changes in tax law or IRS guidelines that affect the preparation and filing of Form 1120S.

Who Should Attend:

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