Course ID: SCORP

S Corporations: Key Issues, Compliance, and Tax Strategies


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.


LEARNING OBJECTIVES
  • 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.

MAJOR TOPICS
  • 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 FOR
Staff and senior associates in public accounting who assist clients with tax compliance for closely held S Corporations

PREREQUISITES
None

COURSE PRODUCER
AICPA

CPE CREDITS
8.0

LEVEL
Basic

This course is available to be scheduled as:

Group Live On-Demand - 8+ hours On-Demand Self Study
 

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