S Corp CPE or Training Materials

[MilTaxEA]

Now that we are out of the main part of tax season, I'm in the process of completing my CPE to touch up on areas where I am lacking. Right now my business mainly focuses on individual (1040) returns with some Schedule C/E work. I would like to expand my business into handling S Corporation returns (and possible partnership/C Corps), in particular LLCs electing S Corp status.

Do any of you have suggestions of books or other training materials I can purchase that would help me learn all about S Corp return preparation? I'm trying to understand everything from the day-to-day bookkeeping up to the final return preparation.

I've heard that QF has a good book discussing the bookkeeping aspects. I've also noticed that this site is now offering a couple courses on this topic. Would these books address my needs?

Does anyone else have any materials they recommended to learn about S Corps? I don't care if it gets me official CPE, I just want a good understanding of the nuts and bolts. I understand many of the basic tax concepts (from prior CPE and my EA test), but I lack the ability to transfer that knowledge into bookkeeping and completing the actual 1120S. Bonus points to anyone who can recommend materials that provide sample returns to prepare (I've already found some from Drake and the example in TTB).

[erchess]

NATP Book and Courses

I belong to NATP. I joined up mainly because I had heard good things about their educational opportunities but I have found those opportunities too expensive for my budget. On the other hand I have bought their S Corp Book and other Books and found them to be very very good. You can get the Books with or without CPE (same books) and they also have in person seminars that I would imagine are very good and are priced within reason if you can afford travel expenses and lodging as well. I also honestly learn much better from a book or a computerized presentation that I can pause and rewind than I do from an in person presentation.

That said, I am not sure I will renew my membership in them because they enroll and necessarily represent the interests of both tax practitioners and those who will eventually be RTRPs. The more I grow in this business the more sure I feel of two contradictory impulses. On the one hand all classes of tax professional include individuals who are true professionals who I can benefit from being around. On the other hand my economic interests as an EA may differ even from those of other sorts of Practitioners and certainly from those of non Practitioners.

[oceanlovin'ea]

I attended a NATP seminar in Tampa last year on S corps. I only signed up for day 2 since I was particularly interested in terminating or closing S corporations. We have a lot of clients who were S corp who are now out of work or finding S corps no longer benefit them.

The speaker asked how many in the audience had S corps who had been C corps. ONE person raised their hand. He proceeded to spend the WHOLE morning on Built in Gains and something else with that particular situation even though it benefited no one. Then he tried to cram the rest of the book in the afternoon.

I talked to a EA from Orlando who had paid for both days. He left at noon. He said it was a total waste of money. People in the audience were correcting him all day on things he said.

So in the future I will look carefully at the lecturer. I have the books and will study this on my own. I am not saying all NATP seminars are bad....just check out the speaker....although this one supposedly has a good reputation.

I too would like find a good hands on approach to actually doing the returns and working through situations.

Linda EA

[Lion]

S-Corp

For starters, I got the CCH book 1120S Express Answers. Very well organized and even includes state information.

[geekgirldany]

I also got the NATP self study guide for S-Corps. Also the 1120S DeskBook from Thomsons is terrific reference.

I've posted this before but I was taught incorrectly about preparing S-Corps when I first started doing tax returns. When I went out on my own I had to re-educate myself because I noticed the questions I asked on forum... well basically if I was preparing S-Corp returns I should really already have known the answer to many. So with the help of many from this board, doing self study books, and studying for the EA exam I learned a great deal about S-Corps. I know there are some things that come up that are unique I still ask questions on but this board really has helped me over the years.