1120 S Text Book

[Patrick Michael]

Good morning all,

So far my practice has been limited to personal returns, schedule C's, and E's.  I would like to expand and start preparing S Corp returns.  Does anyone have any suggestions for a good book that explains the 1120-S or any suggestions on the best way to learn to prepare these returns?  A Google search did not turn up much.

Thanks

[Gail in Virginia]

My favorite text book way back when was Prentice Hall's Federal Taxation XXXX Comprehensive  where XXXX is the year.  I don't know if they are still as good, and I think that you can buy just the Corporation part instead of the Comprehensive.  This is what my college course in Advanced Taxation used, and I thought that it had really good information about basis, and depreciation, and AAA, etc.   But being a college textbook, it ain't cheap.  The comprehensive edition has individual taxation for the first half of the book, and corporate for the second half.  I think the college I went to used the book for both Basic Taxation and Advanced Taxation, but I tested out of basic and only took Advanced so I am not familiar with the first half of the book.  And you might check if there is a college near you that offers accounting majors to see if they have an advanced taxation course that covers corps and partnerships - if you choose to take the course, you would probably need to buy a specific text book. 

Good luck.  I hope some other people share their suggestions - I might want to update my textbook!

[Randall]

I've been using the PPC Deskbooks.  PPC (Practitioners Publishing Co) is now part of Thomson Reuters but they still refer to them as PPC Deskbooks.  They have separate ones called 1040 Deskbook, 1120, 1120S, 1065, 1041, etc.  I receive them in CD format.  I think they have an online format but you can check it out.  They are annual subscriptions.  Should be able to search Thomson Reuters website.

 

[Catherine]

If you like Gail's idea, look for a used copy on Amazon or Abebooks - you can get used textbooks for way under list from either of those.  Plus the big thing with S-corps is dealing with shareholder issues (basis, loans, etc) and those don't change year to year.  So buy a prior-year version even cheaper to learn the AAA/OAA-basis-loans-benefits parts.

[Patrick Michael]

Thanks for the replies.  I was able to find the Prentice Hall 2013 edition for $.75 plus $3.99 shipping on Amazon.

What a deal!!!

Edited October 13, 2015 by Patrick Michael EA

[Lion EA]

I like CCH's 1120S Express Answers.  You can usually get it on sale in the off-season.