Description

Explaining the misunderstood

The S corporation form is unique and often misunderstood. You'll learn how to assist your clients with the most misconstrued areas of S corporation taxation and how they can use S status to their advantage.

Updated for recent legislation, including H.R. 1

The world of taxation is never static. H.R. 1, commonly referred to as OBBBA and passed in 2025, affected virtually every type of taxpayer, including S corporations. Refreshed materials discuss the H.R. 1 provisions that affect S corporations and their shareholders, including the qualified business income deduction and Section 179 expensing.

The course has also been updated for legislative and regulatory developments related to:

- Inflation Reduction Act

- SECURE 2.0

- SECURE 1.0

Weighing the pros and cons

S corporation status doesn't suit every business. Throughout the course, you'll learn when it is advantageous or disadvantageous to be taxed as an S corporation.

Making the model work

You'll be exposed to methods of effectively communicating with potential business clients and existing shareholders about how you can make the S corporation business model work for them.

Part of Tax Staff Essentials Level 1

This self-study online course is part of Tax Staff Essentials Level 1, a comprehensive learning program that provides tax staff with the technical training required to support their teams.

Instructor: William Harden

Target Audience

· Public accounting firm staff and senior associates

· CPAs

· S corporation tax filers

Course Objectives

· Recognize the advantages and disadvantages of S corporation status.

· Recognize when the S election becomes effective.

· Identify shareholder consent rules and causes of invalid elections.

· Identify permitted fiscal years, elections, and user fees.

· Recognize events causing involuntary termination.

· Recognize when an S corporation is subject to tax at the entity level.

· Recognize how accumulated earnings and profits, accumulated adjustments accounts, other adjustments accounts, and shareholder bases are affected by distributions.

· Recall the applicability of various S corporation filing requirements.

Subjects

· Advantages and disadvantages of S corporations

· 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