S Corporation Fundamentals

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Overview

11.0 Credits
ONLINE

This CPE course is a comprehensive introduction to the nature of S corporations and how they are treated for income tax purposes. You will examine some of the advantages and disadvantages of incorporation and then go through the requirements for electing to be an S corporation. You will also review the rules for operating an S corporation.

Objectives

  • Determine when an S Corporation may be advantageous for a business.
  • 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 how to make a proper S corporation election.
  • Determine income or loss that passes through to the shareholder.
  • Define and explain the concept of distributions.
  • Recognize active and passive income and determine material participation as it relates to an individual S corporation shareholder.

Major Topics

  • Why elect Subchapter S
  • S corporation qualifications
  • S corporation election
  • Termination of S corporation status
  • Tax on S corporation built-in gains
  • S corporation pass-through activity to shareholders
  • Shareholder basis and losses
  • Distributions
  • Taxable year options
  • S corporation passive activity rules, fringe benefits, and other considerations

Designed For

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