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Home > Taxation > Form 1120S: Filing Requirements for S Corporations
Knowledge Level
Copyright 2013

Publication Date
November, 2013
Form 1120S: Filing Requirements for S Corporations
Introduction Organization Learning Objectives Author Bios
Title: Form 1120S: Filing Requirements for S Corporations
Prerequisite: Overview of Federal Income Taxation or comparable knowledge/experience
Advance Preparation: None
Knowledge Level: Intermediate
Subject Matter Area: Taxes
Date of Publication: November 2013
Copyright © 2013 by Thomson Reuters/Tax & Accounting. All rights reserved.
Recommended CPE Credits: 2 QAS/Registry (50-minute hour)
Expiration Date: One year from date of receipt to complete program and submit quizzer to obtain credit
Passing Grade for Quizzer: 70 percent or higher

This program covers which corporations are required to file Form 1120S, when Form 1120S is due, where it should be filed, how to request an extension, who is authorized to sign the return, when an S corporation may be required to make estimated tax payments, the penalties that may apply to tax return preparers, the General Information section on Page 1 of Form 1120S, the Other Information section on Page 2 of Form 1120S, and the elections applicable to S corporations.

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

Use of Materials

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.

This program is divided into five (5) chapters.

Chapter 1 describes generally the filing requirements associated with Form 1120S.

Chapter 2 discusses the four corporate-level taxes that may give rise to the need for estimated payments, "large corporations," and annualized income periods.

Chapter 3 explains the penalties that an S corporation and tax return preparers are subject to as well as the substantial authority and reasonable basis tax reporting standards.

Chapter 4 addresses the information items included in the General Information section that is found on Page 1 of Form 1120S as well as the Other Information section located on Page 2 of Form 1120S.

Chapter 5 the glossary defines frequently used key terms.

Helpful Guidance

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 Bisk CPEasy alert 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 Bisk CPEasy point presents analysis or commentary that attempts to explain or clarify authoritative guidance.

A Bisk CPEasy tip provides practical advice that may be used to help improve client service or service to the practitioner's organization.

Upon successful completion of this program, the user should be able to explain when Form 1120S is due and how to request an extension; discuss when an S corporation may be required to make estimated tax payments; describe the penalties that may apply; and explain the "General Information" items on Page 1 of Form 1120S and the "Other Information" items reported on Page 2 of Form 1120S.

Stephen T. Galloway, JD, is Director of Editorial for Thomson Reuters Tax and Accounting in Tampa, Florida. In this capacity, he is responsible for all content development in the Bisk CPA Review and Bisk CPEasy continuing professional education product lines, as well as all audio and video operations of the Division. Mr. Galloway previously served as Vice President of Editorial and Audio/Video Production at Bisk Education, Inc., for 22 years. Mr. Galloway's background also includes more than a decade of legal and public accounting experience, mostly in the tax and litigation services groups of Coopers & Lybrand, LLP (now PricewaterhouseCoopers, LLP). He has authored several books and monthly publications in the area of taxation, as well as produced numerous audio and video programs in taxation, accounting and auditing, and graduate-level business administration. Mr. Galloway earned his Bachelor of Arts degree in Social and Behavioral Sciences from The Johns Hopkins University and his Juris Doctorate from University of Maryland Francis King Carey School of Law. He is a member of the American Bar Association. (Author)

James T. Hemelt, JD, CPA, is an adjunct professor in Georgetown University's McDonough School of Business and consults frequently on federal income tax matters, particularly in the areas of corporate transactions and financial statement reporting issues. The majority of Mr. Hemelt's experience has been in the public accounting firm environment, where he worked with a variety of corporate clients regarding the federal tax implications of merger and acquisition transactions as well as assistance with income tax reporting matters. (Contributing Author)

E. Lynn Nichols, CPA, a practicing CPA for more than 45 years, is the founder of Nichols Patrick CPE, Inc., a developer of continuing education programs and practice aids for CPAs. He is a volunteer member of the tax division of the AICPA, 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. Mr. Nichols was twice honored by the Ohio Society of CPAs for 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)

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. Mr. Norman is the former National Director of Taxation for the accounting firm Pannell Kerr Forster. Mr. Norman also taught numerous CPE and CLE courses, and at several universities. He is a regular contributor to CPE Network®. (Speaker)

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