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

Marketing and Empathy Psychology

By - Nick Preusch

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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

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Webinar Type

Clear

Speaker Detail

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 ever-changing tax legislation. He was also an Internal Revenue Service (IRS) attorney at the IRS National Office in Washington, DC, where he was the lead attorney for several significant tax ethics cases. Nick co-authored Tax Preparer Penalties and Circular 230 Enforcement, a textbook published by Thomson Reuters. He has also been published in the AICPA’s Tax Advisor and Journal of Accountancy along with CCH’s Journal of Tax Practice and Procedure. In 2017, he was named one of the VSPCA’s Top 5 Under 35. In 2018, he was named to CPA Practice Advisor’s Top 40 Under 40. In 2018, he was part of the AICPA’s New Face of Tax ad campaign. Nick is a licensed attorney in New York and a Certified Public Accountant in Virginia. He earned an LLM in Taxation from Georgetown University, a JD from Case Western Reserve University, and an MS in Accounting from the University of Connecticut.