Self-Study

S Corporation Fundamentals

  • Thursday, August 15, 2019 – Thursday, April 30, 2020

  • 11
    CREDITS
    Taxes

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 self-study 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.

Objectives

? Determine when an S Corporation may be advantageous for a business.
? 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 how to make a proper S corporation election.
? Determine income or loss that passes through to the shareholder.
? Define and explain the concept of distributions.
? Recognize active and passive income and determine material participation as it relates to an individual S corporation shareholder.

Highlights

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

Additional Information

Designed For

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

Vendor

American Institute of CPAs

Credits

11.00 Taxes

Course Number

19AIS242

Level of Knowledge

Basic

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