S Corporation Fundamentals


This course is a comprehensive introduction to the nature of S Corporations and how they are treated for income tax purposes. We will examine some of the advantages and disadvantages of incorporation and then go through the requirements for electing to be an S Corporation. We will also review the rules for operating an S Corporation. Topics Discussed • Qualifications of S Corporation • Election, termination, and revocation • Choice of year-end • Allocations of profits and losses • Distributions and shareholder basis • Reporting and filing requirement • Conversion of C Corporation with prior retained earnings • Passive Activity Rules, Fringe Benefits, and Other Considerations

Learning Objectives
  1. Determine when an S Corporation may be advantageous for a business
  2. Identify the requirements that must be met to qualify as an S Corporation
  3. Recognize individuals and entities that are eligible to own S Corporation stock
  4. Determine how to make a proper S Corporation election
  5. Determine income or loss that passes through to the shareholder
  6. Define and explain the concept of distributions
  7. Recognize active and passive income and determine material participation as it relates to an individual S Corporation shareholder
Major Topics
  1. Qualifications of S corporationsElection, termination, and revocationChoice of year-endAllocations of profits and lossesDistributions and shareholder basisReporting and filing requirementsConversion of C corporation with prior retained earningsPassive Activity Rules, Fringe Benefits, and Other Considerations
CPE Field of Study
Who Should Attend
Staff and senior associates in public accounting who assist clients with tax compliance for closely held S Corporations
Course Level
William Harden
Online Course
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Dec 12, 2016
10:30 am - 5:45 pm
Online Webcast,
Total CPE Credits
William Harden


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S Corporation Fundamentals