This program includes expert analysis by E. Lynn Nichols, CPA, and John L. Norman, Jr., JD, on audio and video.

Use of Materials

Audio or DVD
The user should begin by watching the DVD segment or listening to the audio CD for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. It may be helpful to highlight important material and/or to make additional notes. Next, the user should complete the study questions at the end of the chapter and review the answers. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the DVD or listening to the audio CDs and reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text or DVD or audio CDs that were difficult. When the user is ready, s/he should complete the quizzer. Reviewing notes periodically will increase retention of the material.

Online
The user should begin by watching the streamed video segment, if any, or listening to the streamed audio segment, if any, for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. After the user has studied each chapter, s/he should click on the link at the left to complete the interactive study questions. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the streamed video, if any, or listening to the streamed audio, if any, and reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text or video/audio, if any, that were difficult. When the user is ready, s/he should click on the link to the left to complete the quizzer. The user's CPE certificate will be provided immediately upon successful completion of the quizzer.

Chapter 1 summarizes the rules regarding which corporations must file Form 1120S.

Chapter 2 considers the due date of Form 1120S, where to file the return, the approved delivery services, as well as the procedure for requesting an extension of time to file.

Chapter 3 takes a look at the authorized persons that may sign Form 1120S.

Chapter 4 discusses the four corporate-level taxes that may give rise to the need for estimated payments, "large corporations," and annualized income periods.

Chapter 5 explains the penalties that an S corporation and tax return preparers are subject to and the substantial authority and reasonable basis tax reporting standards.

Chapter 6 reviews the General Information section that is found on Page 1 of Form 1120S.

Chapter 7 addresses the Other Information section located on Page 2 of Form 1120S, including a discussion on built-in gains and losses, IRC §351 transfers, and the required tax shelter disclosure statement.

Chapter 8 provides a list of elections common to S corporations that must be made in the first year the S election becomes effective.

Throughout this program, the user will find explanations and discussions regarding some of the issues that often face practitioners. In order to enhance the user's comprehension of the material and highlight important practical considerations, this program includes the following designations:

A BiskAlert is intended to warn the practitioner of a particular situation that may require action or other consideration by the client or the practitioner on behalf of the client.

A BiskPoint presents analysis or commentary that attempts to explain or clarify statutory or regulatory authority or decisions by the judiciary.

A BiskTip provides practical advice that may be used to help improve client service or service to the practitioner’s organization.

• Explain the circumstances under which a corporation must file Form 1120S

• Explain when the Form 1120S is due and how to request an extension

• Describe who is authorized to sign Form 1120S

• Discuss when an S corporation may be required to make estimated tax payments

• Describe the penalties related to tax avoidance and tax shelter schemes

• Explain the "General Information" items required to be completed on Page 1 of Form 1120S

• Describe the "Other Information" that is reported on Page 2 of Form 1120S

• Discuss the elections that must be made on an S corporation's initial return.

Ian J. Redpath, JD, LLM, is a nationally recognized tax attorney and consultant from Buffalo, New York. He is a principal in the Redpath Law Offices in Buffalo and New York City where he specializes in tax litigation matters. Mr. Redpath has published numerous articles on contemporary tax issues and co-authored several books. He has extensive national and international experience in developing, writing, and presenting professional CPE programs. Mr. Redpath holds a Bachelor's degree from Hillsdale College, a JD from the University of Detroit, and an LLM (tax emphasis) from the University of Wisconsin. In addition to his active tax practice, he serves as an Associate Professor of Taxation at Canisius College in Buffalo. (Contributing Author)

Michael J. Tucker, LLM, CPA, is a consultant with the accounting firm of T.M. Byxbee Company, P.C., in Hamden, Connecticut. In his practice, Mr. Tucker handles a wide variety of client transactions, including mergers and acquisitions, entity formations and dissolutions, and distributions to owners/shareholders/partners. He is also a Professor of Accounting at Quinnipiac University in Hamden, Connecticut. Author of over 100 articles and books dealing with various tax topics, Mr. Tucker is a frequent lecturer at conferences and seminars throughout the country. Recently, Mr. Tucker has expanded his practice and lecturing to include topics related to the workplace, including sexual harassment and employer/employee relations. He holds an LLM in Taxation from Georgetown University Law Center, a Juris Doctorate from New York University School of Law, a PhD in Accounting from University of Houston, and an MBA from New York University. (Contributing Author)

John L. Norman, Jr., JD, is an attorney in private practice in Washington, D.C., where he specializes in closely held business organizations, as well as estate and financial planning. He is the former National Director of Taxation for the accounting firm Pannell Kerr Forster, and the former chair of PKF's International Tax Committee. He is also a member of the International Tax Planning Association. Previously, he was the Director of Tax Policy for Potomac Electric Power Company. He also taught at the College of William and Mary and George Washington University. Mr. Norman is a noted speaker and author of several publications in the area of federal taxation and he is a regular contributor to CPE Network. (Contributing Author/Speaker)

E. Lynn Nichols, CPA (PA), a practicing CPA for more than 35 years, is the founder of Mares Nichols CPE, Inc., a developer of continuing education programs and practice aids for CPAs. He is a regular contributor to CPE Network, a member of the Board of Visitors of the School of Accounting in the College of Business of the University of Oklahoma, and a former member of the Editorial Board of the Ohio CPA Journal. In 2005, Mr. Nichols was honored by the Ohio Society of CPAs with its Gold Medal for Meritorious Service to the Accounting Profession. Mr. Nichols serves as an advisor to CPA firms across the U.S. on matters of federal income taxation, litigation services, and IRS procedures. He has authored more than 20 highly-rated tax CPE programs and his Current Federal Tax Developments program is always among the highest rated in the nation. (Speaker)