S Corporation Fundamentals

Description

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
Professional Area of Focus
Practitioners
Tax
CPE Field of Study
Taxes
8.0
Who Should Attend
Staff and senior associates in public accounting who assist clients with tax compliance
Course Level
Basic
Location
Online Course
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When
Nov 14, 2017
9:00 am - 5:00 pm
Location
Online Webcast,
Total CPE Credits
8
Format
Webcast

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S Corporation Fundamentals


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