Given the IRS's interest in examining the returns of S corporations and their shareholders, practitioner due diligence and proper preparation of your clients' returns are more important than ever. This Deskbook contains key issues, examples, filled-in Schedule K-1s and other forms, checklists, worksheets, and quality control tools to help you and your staff solve the difficult or unclear issues encountered when preparing Form1120-S and the related forms and schedules. The Deskbook also provides guidance on completing Forms 2553 (S election form) and 8869 (QSub election form). The Deskbook points out elections and other tax-saving opportunities while preparing the return.

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 to identify post-busy season planning opportunities by reviewing your clients' completed tax returns.