The second part of this series covers the reporting of trade and business income and deductions on Form 1120S. It also reviews how that information is used in figuring the ordinary income or loss for the S Corporation. An overview of taxes paid at the corporate level is addressed along with an explanation of when to use Schedule D. The course also covers tax payments by explaining penalties that may be due for underpayment of an estimated tax, and where to enter the tax due or overpayment on Form 2220. New developments are noted throughout the course. Visit the CCH Learning Center Website For More Information, To Purchase and To Enroll.