About this episode

This episode covers the filing of Form 1120-S for S Corporations and key tax considerations for the Enrolled Agent Exam.

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The annual due date for Form 1120-S is the 15th day of the 3rd month after year-end (March 15 for calendar year filers). - S corps are pass-through entities, reporting income, deductions, and credits to shareholders on Schedule K-1. - Shareholders are taxed on their pro-rata share of income, regardless of whether they receive distributions. - Two critical exam traps involve corporate-level taxes: the Built-In Gains (BIG) tax for former C corps and the Excess Net Passive Income tax. - A helpful mnemonic: "S Corps and Partnerships March together on the 15th," distinguishing their deadline from the April 15th C corp and individual deadline. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

People in this episode

Host: Ran Chen

Topics covered

• S Corp Return Filing
• Form 1120-S
• Taxation
• Exam Preparation
• Corporate Taxes

Keywords

• S Corp
• Form 1120-S
• tax filing
• Enrolled Agent Exam
• corporate taxes
• Schedule K-1
• Built-In Gains tax
• Excess Net Passive Income tax

Mentioned in this episode

Organizations: Open Exam Prep, YouTube Channel

Products: Form 1120-S

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