- NY Credits : 8.0
- TX Credits : 8.0
- CTEC Credits : Federal Tax Law - 8.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 8.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 8.0
This interactive self-study course discusses some of the deductions that S corporations can take on Form 1120S. Lesson 1 takes a look at their deductions for various taxes and interest. Lesson 2 discusses depreciation and depletion deductions that may affect S corporations. Lesson 3 covers deductions for fringe benefits and retirement plans S corporations may offer. Finally, Lesson 4 examines the expenses an S corporation might have for business meals and travel.
Course Expiration Date: December 31, 2022
Please note, the grading fee for answer sheets submitted by regular mail is $119.
Recognize considerations for deducting taxes and interest, real property taxes, state income taxes on S corporations; capitalizing taxes; and interest tracing rules.
Determine interest subject to the business interest expense limitation and to purchase stock or inject capital into an S corporation, debt financed distributions, investment interest, interest expense, and forgone interest.
Recognize how to elect a depreciation method, first-year bonus depreciation, and capitalize and amortize tangible property.
Identify how to depreciate autos, claim the Section 179 deduction, percentage depletion limitations, and capitalize and amortize intangible assets.
Determine methods for deducting taxable and nontaxable fringe benefits.
Identify rules for deducting contributions to various retirement and pension plans.
Determine rules for expenses for business meals and travel, employee reimbursement, expense allowance arrangements, entertainment, and transportation expenses.
Lesson 1—Taxes and Interest
Lesson 2—Depreciation and Depletion
Lesson 3—Fringe Benefits and Retirement Plans
Lesson 4—Business Meals and Travel Expenses