Description

New or existing clients and businesses 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 business taxpayers may 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 the S corporation business model that may work for them.

Target Audience

public accounting firm staff and senior associates

CPAs

S corporation Tax filers

Course Objectives

Determine When an S corporation may be advantageous for a business.

Identify the potential disadvantages of operating AS an S corporation.

Identify the requirements that must be met to qualify AS an S corporation.

Recognize Individuals and entities that are eligible to own S corporation stock.

Determine When the S election becomes effective.

Identify causes of voluntary and involuntary termination.

Determine whether an S corporation is subject to tax.

Determine Income or loss that passes through to the shareholder.

Identify situations in which a Fiscal year is allowable.

Recognize active and passive Income

Determine material participation.

Subjects

S corporation qualifications

election of S corporation status

termination or revocation of S corporation status

Passthrough of Income and loss items to the shareholder

distributions to S corporation shareholders

reporting and filing requirements

Choice of yearend

shareholder basis