Get the knowledge you need to speak effectively to new and current clients about how you can make the S Corporation business model work for them. Be prepared to explain the benefits and drawbacks of electing S Corporation status and why business taxpayers favor the pass-through entity over the C Corporation. Discuss the most misunderstood areas of S Corporations taxation and how businesses and shareholders can use them to their advantage.
Course ID: SCORP
S Corporations: Key Issues, Compliance, and Tax Strategies
- Recall the advantages of electing S Corporation status.
- Identify the requirements to qualify for an S Election.
- Recognize individuals and entities that are eligible to own S Corporation stock.
- Recall how to make a proper S Corporation election.
- Recall how income or loss passes through the S Corporation to the shareholders.
- Recognize the complex rules of distributions.
- Recognize active and passive income and determine material participation.
- Recall key points related to the Section 179 deduction.
- S Corporation qualifications
- Election of S Corporation status
- Termination or revocation of S Corporation status
- Pass-through of income and loss items to the shareholder
- Distributions to S Corporation shareholders
- Reporting and filing requirements
- Choice of year-end
- Shareholder basis
DESIGNED FORStaff and senior associates in public accounting who assist clients with tax compliance for closely held S Corporations
FIELD OF STUDY