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.
Format
Online
NASBA Field of Study
Taxes
Level
Basic
CPE Credits
7.5
Author(s)
Gregory B. McKeen
Availability
1 year
Product Number
TSESCF22SSO
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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.
Group ordering for your team
2 to 5 registrants
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We can help with group discounts. Call us at 1-800-634-6780 (option 1) or email us at salessupport@aicpa.org
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