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

Overview

Learn to speak effectively to potential business clients and existing shareholders about how you can make the S Corporation business model work for them., Tax planning strategies for new businesses considering electing S corporation status, and the pros and cons of switching from a C corporation to an S corporation.

New or existing clients and businesses need assistance with the most misunderstood areas of S corporations taxation and how they can use them to their advantage. Be prepared to explain the benefits and drawbacks of electing S corporation status and why business taxpayers may favor the pass-through entity over the C corporation. This course will give you the knowledge you need to speak effectively to potential business clients and existing shareholders about the S corporation business model that may work for them.

Course Instructor: Deborah Phillips

Highlights

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

Prerequisites

None

Designed For

Public accounting firm staff and senior associates

CPAs

S corporation tax filers

Objectives

Determine when an S corporation may be advantageous for a business.
Identify the potential disadvantages of operating as an S corporation.
Identify the requirements that must be met to qualify as an S corporation.
Recognize individuals and entities that are eligible to own S corporation stock.
Determine when the S election becomes effective.
Identify causes of voluntary and involuntary termination.
Determine whether an S corporation is subject to tax.
Determine income or loss that passes through to the shareholder.
Identify situations in which a fiscal year is allowable.
Recognize active and passive income
Determine material participation.

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by AICPA. Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.