S Corporations: Key Issues, Compliance, and Tax Strategies (Virtual)  (SCF-VIR)

8.00 CPE Credit Hours

New or existing clients and business 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 more business taxpayers 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 how you can make the S Corporation business model work for them.

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

Objective

• Recall the advantages of electing S Corporation status
• Identify the requirements to qualify for an S Election
• Recognize individuals and entities that are eligible to own S Corporation stock
• Recall how to make a proper S Corporation election
• Recall how income or loss passes through the S Corporation to the shareholders
• Recognize the complex rules of distributions
• Recognize active and passive income and determine material participation
• Recall key points related to the Section 179 deduction

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

Advanced Preparation
None

Developer
AICPA

Presenters
Kevin Krantz.,

Level of Knowledge
Beginning