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

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Online/Webcast

8.00 Credits

Member Price $349.00

Non-Member Price $419.00

Overview

Explaining the misunderstood

The S corporation form of entity is unique and often misunderstood. You’ll learn how to assist your clients with the most misconstrued areas of S corporation taxation and how they can use S status to their advantage.

Updated for recent legislation

The world of taxation is never static. The course is updated for recent legislative and regulatory changes, including:

  • Schedules K-2 and K-3 filing requirements
  • Inflation Reduction Act
  • SECURE 1.0 and 2.0
  • Beneficial ownership information reporting

    Weighing the pros and cons

    S corporation status doesn't suit every business. Throughout the course, you'll learn when it is advantageous or disadvantageous to be taxed as an S corporation.

    Making the model work

    You'll be exposed to methods of effectively communicating with potential business clients and existing shareholders about how you can make the S corporation business model work for them.

    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.
  • Non-Member Price $419.00

    Member Price $349.00