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S Corporations: Key Issues, Compliance, and Tax Strategies - Tax Staff Essentials
CPE Self-study

S Corporations: Key Issues, Compliance, and Tax Strategies - Tax Staff Essentials

Capture the information necessary to prepare most of the common S corporation tax returns you will encounter. This course will provide tax planning strategies for new businesses considering the S corporation form of entity, and the pros and cons of switching from a C corporation to an S corporation.

$159 - $230
Do you have an AICPA membership? Log in to apply your member discount.



NASBA Field of Study




CPE Credits



Gregory B. McKeen


1 year

Product Number


 Business & partner 
Product Details

Save when you buy the complete Tax Staff Essentials, Level 1 online bundle..

Learn S corporation core fundamentals and strategies

Learn how to assist your clients with the most misunderstood areas of S corporation taxation and how they can use them to their advantage.

Pros and cons

Understand the benefits and drawbacks of electing S corporation status and why more business taxpayers favor the pass-through entity over the C corporation.

Make the model work

Learn to speak effectively to potential business clients and existing shareholders about how you can make the S corporation business model work for them.

Who Will Benefit

  • Public accounting firm staff and senior associates
  • Certified public accountants
  • S corporation tax filers

Key Topics

  • Advantages versus disadvantages of S corporations
  • S corporation qualifications
  • Electing S corporation status
  • Termination of S corporation status
  • S corporation tax on built-in gains
  • S corporation pass-through to shareholders, basis, and losses
  • S corporation distributions
  • Taxable year of S corporations
  • S corporation passive activity rules, fringe benefits, and other considerations

Learning Outcomes

  • Identify the advantages and potential disadvantages of operating as an S corporation.
  • Recognize individuals and entities that are eligible to own S corporation stock.
  • Recall how to make a proper S corporation election.
  • Identify causes of voluntary and involuntary termination.
  • Recall methods of allocating income for the short years caused by a termination.
  • Estimate the tax on built-in gains.
  • Identify the items of income, gain, loss, and deduction that adjust basis of shares and indebtedness and the order of application of the items.
  • Distinguish how accumulated earnings and profits, accumulated adjustments account, other adjustments account, and the shareholder’s basis are affected by distributions.
  • Recognize when a Section 444 election and resulting required payments should be made.
  • Indicate whether and to what extent passive losses can be deducted against other income.
  • Identify which fringe benefits are deductible by the shareholders.
Credit Info
CPE Credits
NASBA Field of Study
This is a digital product. With full paid access the content will be available to you for 1 year after purchase date.
For more information, please refer to CPE requirements and NASBA sponsorship information
Do you have an AICPA membership? Log in to apply your member discount.
AICPA Members
Tax Section Members

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2 to 5 registrants

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6+ registrants

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Contact us
Gregory B. McKeen

The Association is dedicated to removing barriers to the accountancy profession and ensuring that all accountancy professionals and other members of the public with an interest in the profession or joining the profession, including those with disabilities, have access to the profession and the Association's website, educational materials, products, and services. The Association is committed to making professional learning accessible to all. This commitment is maintained in accordance with applicable law. For additional information, please refer to the Association's Website Accessibility Policy. For accommodation requests, please contact and indicate the product that you are interested in (title, etc.) and the requested accommodation(s): Audio/Visual/Other. A member of our team will be in contact with you promptly to make sure we meet your needs appropriately.

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S Corporations: Key Issues, Compliance, and Tax Strategies - Tax Staff Essentials
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