Description

Once again this is the darling for many businesses; find out why during this information-packed session. Practical real-life examples give you ideas to apply immediately for your S Corporation clients. Review the advantages of the S Corporation tax rules. Minimize your client's tax bill with the latest business and tax strategies that make S Corporations so popular. Comply with the unique tax reporting rules for completing Form 1120S. Decide if an S Corporation is your client's entity of choice.

Highlights

• How to elect S Corporation status; how and when to terminate
• Avoiding built-in gains, excess net passive income and business credit recapture
• Tax considerations in the distribution of S Corporation earnings and profits
• Reporting and filing requirements
• Pass-through rules – selecting the most advantageous allocation method
• Applying for the fiscal year most beneficial to the client
• Preparing the 1120S – hints to make the return preparation easier

Objectives

Upon completion of this course, participants will be able to:
• Comply with federal and state S Corporation laws and regulations
• Apply special elections and tax treatments in S Corporations
• Select tax-planning ideas to utilize in S Corporations
• Understand the complex rules of S Corporation distributions