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

Event: Live Webinar
Event Date: June 19, 2024
Presenter: Nicholas Preusch
Event Time: 1:00 PM EST
Duration:60 Minutes

Description:

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.

Session Highlights:

  • 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

Session 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

Who Should Attend

  • CPAs
  • Tax Preparers
  • EAs
  • Tax Attorneys
  • CFO/CEOs

Speaker Profile:

Nick Preusch CPA, JD, LLM, is a tax manager with PBMares, LLP. Nick has participated in helping high wealth individual and large business entities with complex tax compliance, along with specializing in international, non-for-profit tax issues, and tax ethics issues. Nick has also worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nick is a graduate of Carthage College with a BS in Accounting and Business, University of Connecticut with a MA in Accounting, Case Western Reserve University with a JD, and Georgetown University with an LLM in taxation. Nick has also authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. He has lectured nationally on topics such as ethics, complex tax transactions and IRS practice and procedure. Currently Nick is an adjunct professor at the University of Mary Washington. Nick has been recognized as the Top 5 Under 35 CPAs in Virginia by the VSCPA in 2017 and CPA Practice Advisor’s Top 40 Under 40. He is a member of the VSCPA’s Tax Advisory Committee and Ethics Committee, and the AICPA’s Tax