his webcast is part of the Tax Staff Essentials program. This webcast is a comprehensive introduction to the nature of S Corporations and how they are treated for income tax purposes. We will examine some of the advantages and disadvantages of incorporation and then go through the requirements for electing to be an S Corporation. We will also review the rules for operating an S Corporation.
Learning Objectives
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 shareholderer
Major Topics
Qualifications of S Corporation
Election, termination, and revocation
Choice of year-end
Allocations of profits and losses
Distributions and shareholder basis
Reporting and filing requirement
Conversion of C Corporation with prior retained earnings
Passive Activity Rules, Fringe Benefits, and Other Considerations