S Corporations: Key Issues, Compliance, and Tax Strategies

Description

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 webcast 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.

Learning Objectives

• 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

Major Topics

• 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

Provider
AICPA
Course Level
Basic
Professional Area of Focus
Tax
CPE Field of Study
Taxes
8
Who Should Attend

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

Prerequisites

none

Advanced Preparation

None

Location
Online
Event Information
When
Aug 6, 2021
9:00 am - 5:00 pm EDT
Location
Online
Total CPE Credits
8
Format
Webcast Replay

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S Corporations: Key Issues, Compliance, and Tax Strategies


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