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S Corporations: Key Issues, Compliance and Tax Strategies — Tax Staff Essentials (2020)

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 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.

Learning Objectives

Identify the advantages and potential disadvantages of operating 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. -Identify causes of voluntary and involuntary termination. -Recall methods of allocating income for the short years caused by a termination. -Calculate the tax on built-in gains. -Identify the items of income, gain, loss, and deduction that adjust basis of shares and indebtedness and the order of application of the items. -Determine how accumulated earnings and profits, accumulated adjustments account, other adjustments account, and the shareholder’s basis are affected by distributions. -Recognize when a Section 444 election and resulting required payments should be made. -Determine whether and to what extent passive losses can be deducted against other income. -Identify which fringe benefits are deductible by the shareholders.

Major Topics

Advantages vs. disadvantages of S Corporations

-S Corporation Qualifications

-Electing S Corporation status

– Termination of S Corporation Status

-S Corporation Tax on Built-in Gains

-S Corporation Pass-Through to Shareholders, Basis and Losses

-S Corporation Distributions

-Taxable Year of S Corporations

-S Corporation Passive Activity Rules, Fringe Benefits, and Other Considerations

Provider
AICPA
Course Level
Basic
Professional Area of Focus
Practitioners
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

Instructor(s)
Deborah Phillips
Prerequisites

None

Advanced Preparation

None

Location
Online
Event Information
When
Jul 9, 2020
10:30 am - 6:30 pm EST
Location
Online
Total CPE Credits
8
Format
Webcast Replay

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S Corporations: Key Issues, Compliance and Tax Strategies — Tax Staff Essentials (2020)


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