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S Corporation Income Tax - Form 1120S (Udemy.com)

Learn to enter tax data for an S Corporation into Form 1120S from a CPA

Created by: Robert (Bob) Steele

Last updated February 2022

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What you will learn

  • How to enter tax data for an S Corporation into form 1120S
  • How to use tax software to input an S Corporation tax return
  • How to use an Excel worksheet to support tax data input for an S corporation
  • How to enter and track Schedule K adjustments
  • How to enter and track M-1 adjustments
  • How to enter and review data for Form K-1
  • Comparison of Social Security and Medicare tax between an S Corporation and Schedule C Sole Proprietorship

How it compares

Against the other 376 rated Udemy courses in Finance & Accounting on CourseDuck:

  • Rating4.6 out of 5higher than 68% of them
  • Reviews678#158 of 377 by number of reviews
  • Length4 hoursshorter than 56% of them
  • Last updatedFebruary 2022earlier than 81% of them

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Course Description

This course currently consists of a comprehensive problem showing the data input process of an S Corporation tax return into Form 1120S.

This course will put together a systematic format of entering data into a Form 1120S that will minimize errors, isolate problems as they happen, and remove the possibility of having to start the process all over again.

We will enter each M-1 adjustment individually into both the tax return and an Excel worksheet so that we fully understand how they work.

We will start by reviewing the data for the comprehensive problem.

Then we will enter the data into an Excel worksheet that will be used to help us organize the information.

We will be using Lacerte Tax software to enter the tax data into Form 1120S. However, we will also provide PDF files of the tax forms so learners can enter the data directly into the tax forms as we go. The tax forms can also be found on the IRS website.

The course will demonstrate how to enter the data into the tax forms in stages to reduce potential mistakes and to identify mistakes as they happen so they can be fixed as easily as possible.

We will start the data input with the balance sheet.

Then we will enter the income statement as it is formatted in the adjusted trial balance.

Next, we will systematically go through Schedule K and M-1 adjustments. We will isolate these adjustments, reviewing them on the tax forms, in the software, and using our Excel worksheet.

We will then review the tax forms.

Next, we will review the Form K-1s and basic calculations.

The course will demonstrate the exporting of the K-1 Form to the individual Form 1040 for an owner of the S corporation.

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Instructor Details

Robert (Bob) Steele

Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.    

Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).    

Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.    

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Reviews

4.6

678 ratings on Udemy

Select a bar to show only those reviews.Select the bar again to show every rating.

By Mohamed Helemish on 1/12/2025

So far the course is good but I hope to update it and add more lectures for the first year of operations assuming that the current course for the years after. Also, add some lecture to describe cost recovery " depreciation" the order to follow it, like sec 179, Bonus, then MACRS. In general, I learned a lot of Bob. Thanks,

By David Kay on 2/12/2024

Excellent learning module...you covered a lot of information and I like that you did the (quick) SS + Medicare Taxes comparison at the end. The S Corporation has been growing in popularity, so it helps to know how all the pieces fit together.

By Steve Brinduse on 5/30/2022

Nearly every line of the 1120S is explained. However, the presenter has an approach of putting all of the input data initially into his own Excel spreadsheet, then transferring into the 1120 S. The bulk of the course is the presenter going back and forth between his spreadsheet and the 1120S using Lacert tax software. This course may not be the best for someone just starting to learn about 1120S

By Kisa Adderley on 9/28/2021

Thank you so very much for providing this course. I can't wait to take your additional courses. I have been searching for Lacerte & 1120S for over a year and I have learned and retained more with you in 3 hours (so far) than 2 years combined on other sites. Thank you, Thank you, Thank you!

By Viktoriia Brovkina on 11/2/2020

This course is a very helpful. I have started understand how to enter tax data for an S Corporation better. Now I understand difference between Schedule C and Form 1120S for a tax purpose. I feel more confident now. Thanks a lot for helping me to handle this topic.

By Jayalakshmi Srikanthan on 9/10/2020

It is a great course! The instructor covers almost every line of 1120S with good explanation. He is a little bit fast in navigating through the spreadsheets, but explains very thoroughly and clearly. Next, I am moving to learn about 1065, Partnership taxes.

By Lidia Imbrogiano on 8/28/2020

I am 100% satisfied. The information is very valuable. The comprehensive worksheet, all the processes, everything have been taking care of in this course. It is very engaging, very clear. I purchased other courses from Robert Bob Steele that I will be studying right after this one. I wished I had this course when I started in Public Accounting.

By Desteni Barnes on 6/5/2020

I felt the course was very informative and detailed oriented however, I feel like the "supportive courses" he mentioned throughout the course should've been listed in the description of this course for easy access.

By Gerald Sena on 2/9/2020

I love Bob Steele. He is the man of taxes and Lacerte. He teaches a variety of courses for different business entities. I have his courses and they are all great. I will use his great experiences to increase my own accounting experiences. I will do small business clients that are S Corps, partnerships, C Corps, or LLCs. I will learn extensively through QuickBooks and Lacerte. I will take more courses from him.

By Michael Jessen on 1/21/2020

I already viewed the P-Ships class. After going through both, I see the methodology a lot better. I've been looking for a systematic approach to tackle business taxes, including a logical way to create a back-up in Excel should I get stuck in practice. I can't recommend the class(es) enough.

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Overall Score : 92 / 100