S Corporations: Key Issues, Compliance, and Tax Strategies

Overview

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.

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, and S corporation tax filers

Objectives

• Determine when an S corporation may be advantageous for a business.
• Identify the requirements to qualify for an S election.
• Recognize individuals and entities that are eligible to own S corporation stock.
• Determine when the S election becomes effective.
• Determine when the S election becomes effective.
• Determine when the S election becomes effective.
• situations in which a fiscal year is allowable.

Preparation

None

Notice

Login information and eMaterials will be available in the “My CPE” section of the NESCPA website two business days prior to the seminar. Once eMaterials are downloaded, no cancellation/transfer/refund is available.