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PPC's 1120S Deskbook

PPC's 1120S Deskbook

Product Information

  • Frequency of Updates:

    Annually with one Supplement (as needed)
  • Brand:
    Practitioners Publishing

Format

Price

Quantity

Book
Product Code:
T2SP
$285.00
Online
Product Code:
T2SQ
$305.00
DVD
Product Code:
T2SR
$285.00
$275.00
Purchase both print and eBook formats to save 37.5% in your shopping cart.

Given the IRS's renewed interest in examining pass-through returns and emphasis on practitioner due diligence, proper preparation of your clients' returns is more important than ever. With the key issues, examples, filled-in Schedule K-1s and other forms, checklists, worksheets, and other quality control tools in the Deskbook, you and your staff can solve the difficult or unclear issues encountered when preparing Form1120S and the related forms and schedules, as well as Forms 2553 (S election form) and 8869 (QSub election form). The Deskbook points out elections and other tax-saving opportunities while preparing the return; plus, the tax planning roadmaps highlight planning opportunities that you and your staff can pursue after busy season.

The IRS is ratcheting up enforcement efforts against S corporations, due to their increasing popularity. It's also focusing on return preparer missteps as a cost-effective way of reducing the tax gap. To keep your clients out of hot water, and to enable you and your staff to work efficiently and profitably, PPC's 1120S Deskbook provides:

  • A quality control template that guides you through a series of return preparation checklists, computational worksheets, sample elections and other practice tools that promote due diligence in the preparation and review of S corporation returns.
  • Sample filled-in K-1s that provide the updated lines and codes for reporting various pass-through items to the shareholders, which will help your clients avoid matching problems with the IRS.
  • Guidance on reporting (and minimizing) the net investment income tax (NIIT) on various types of S corporation transactions and pass-through items, including the general and simplified methods of computing the NIIT due upon a sale of S stock.
  • Expanded coverage of the final tangible property regulations, with an emphasis on the favorable elections that can be made on Form 1120S and the accounting method changes that will be automatically approved by the IRS (some of which are eligible for simplified Form 3115 reporting).
  • Updated discussion of the final regulations governing a shareholder’s basis in debt. Now, if debt is bona fide, the shareholder obtains debt basis without satisfying the actual economic outlay doctrine that was previously required.
  • Post-year-end elections that can benefit the shareholders, such as electing specific accounting upon a complete stock disposition, or electing to distribute earning and profits to protect the corporation's S election and avoid future taxation of distributions as dividends.

As in past years, the Deskbook includes valuable tax practice tools, including a tax return preparation engagement letter, client organizer, due diligence checklist, long and short form return preparation checklists, and first year and final year return preparation checklists. In addition, the tax planning roadmaps provide a quick and easy way of identifying post-busy season planning opportunities by reviewing your clients’ completed tax returns.

  • 1120S Deskbook
    • INTRODUCTORY MATERIAL
    • Initial S Year
      • Chapter 1: Eligibility
      • Chapter 2: Filing and Repairing the S Election
      • Chapter 3: Incorporation and Capitalization
      • Chapter 4: Organizational and Start-up Expenses (Preopening Expenses)
      • Chapter 5: Hidden Traps
    • Ordinary Income
      • Chapter 6: Trade or Business Income
      • Chapter 7: Cost of Goods Sold
      • Chapter 8: Nonbusiness Income
    • Asset Dispositions
      • Chapter 9: Installment Sales and Like-kind Exchanges
      • Chapter 10: Trade or Business Property Transactions
      • Chapter 11: Debt Discharge Income and Foreclosures
    • Deductions
      • Chapter 12: Compensation
      • Chapter 13: Bad Debt Losses
      • Chapter 14: Taxes and Interest
      • Chapter 15: Depreciation and Depletion
      • Chapter 16: Fringe Benefits and Retirement Plans
      • Chapter 17: Travel and Entertainment
      • Chapter 18: Other Deductions
    • Transactions with Shareholders
      • Chapter 19: Shareholder Stock Basis
      • Chapter 20: Shareholder Debt Basis
      • Chapter 21: Distributions
      • Chapter 22: Property Transactions with Shareholders
    • Balance Sheet and Equity Accounts
      • Chapter 23: Schedule L—The Balance Sheet
      • Chapter 24: Schedules M-1 and M-3
      • Chapter 25: Schedule M-2
    • Pass-through to Shareholders
      • Chapter 26: Schedules K and K-1—Pass-through
      • Chapter 27: Alternative Minimum Tax
      • Chapter 28: Business Credits
      • Chapter 29: Foreign Taxes
    • Shareholder Losses
      • Chapter 30: Shareholder Losses: Basis Limitations
      • Chapter 31: Passive Activity Loss
      • Chapter 32: Shareholder Losses: At-risk Limitations
    • Corporate Taxation
      • Chapter 33: Built-in Gains Tax
      • Chapter 34: Tax on Excess Net Passive Income
      • Chapter 35: Other Tax Payments
    • S Terminations and Changes in Stock Ownership
      • Chapter 36: Termination of S Status
      • Chapter 37: Stock Dispositions
      • Chapter 38: Changes in Corporate Capital Structure
    • Administrative Matters
      • Chapter 39: Tax Years
      • Chapter 40: Accounting Methods
      • Chapter 41: Filing and Amending Form 1120S, Corporate Audits, and Penalties
    • QUICK REFERENCE TABLES
      • ELECTING S STATUS
      • PREOPENING COSTS
      • INTEREST AND TAX TABLES
      • EMPLOYEE REIMBURSEMENTS OR ALLOWANCES
      • PENSION CONTRIBUTION LIMITS
      • AUTO TABLES
      • CORPORATE-LEVEL TAXES
      • CREDIT TABLES
      • PRINCIPAL BUSINESS ACTIVITY CODES AND PASSIVE ACTIVITY LINES OF BUSINESS
      • PENALTIES
      • BASIS, AAA, AND AE&P
      • ALTERNATIVE MINIMUM TAX
      • ACCOUNTING METHODS
    • DEPRECIATION TABLES
      • RECOVERY PERIODS
      • SUMMARIES
      • MACRS PERSONAL PROPERTY
      • MACRS REAL PROPERTY
      • AUTOMOBILE DEPRECIATION TABLES
    • TAX ELECTIONS
      • ELECTING S OR QSUB STATUS
      • INITIAL S CORPORATION RETURN
      • RECEIPT OF PROPERTY
      • DEPRECIATION AND COST RECOVERY
      • SHAREHOLDERS BASIS
      • DISTRIBUTIONS TO SHAREHOLDERS
      • ALTERNATIVE MINIMUM TAX
      • PASSIVE ACTIVITIES
      • DISPOSITION OF STOCK
      • TERMINATION OF S OR QSUB STATUS
      • ACCOUNTING AND ADMINISTRATIVE MATTERS
    • CHECKLISTS
      • RETURN PREPARATION
      • INCORPORATION AND ELECTING S STATUS
      • CORPORATE OPERATIONS
      • SHAREHOLDERS
    • WORKSHEETS
      • INCORPORATION
      • INCOME, GAINS AND EXPENSES
      • DEPRECIATION AND DEPLETION
      • CORPORATE-LEVEL TAXES AND PAYMENTS
      • SHAREHOLDERS
    • ADDITIONAL PREPARATION RESOURCES
      • ENGAGEMENT MANAGEMENT
      • SAMPLE FORMS
      • PRACTICE MANAGEMENT
      • TAX RESEARCH
      • TAX LAW
    • Roadmap to S Corporation Tax Planning
    • INDEX
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  • Checkpoint PPC Deskbooks Brochure View
  • List of Substantive Changes (October 2014) View