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

Overview

Tax planning strategi

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.

Course Instructor: William Harden

Highlights

Advantages and disadvantages of S corporations

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

Prerequisites

None

Designed For

Public accounting firm staff and senior associates

CPAs

S corporation tax filers

Objectives

Recognize when an S corporation may be advantageous for a business.
Identify the potential disadvantages of operating as an S corporation.
Identify permitted fiscal years, elections, and user fees.
Recognize when the S election becomes effective.
Identify shareholder consent rules and causes of invalid elections.
Recognize events causing involuntary termination.
Recall the path to making a new election after termination.
Recognize when an S corporation is subject to tax at the entity level.

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 (do_not_reply@on24event.com). Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.