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
"
When you complete this webcast you will be able to:
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
"
Major Topics
" Qualifications of S corporations Election, termination, and revocation Choice of year-end Allocations of profits and losses Distributions and shareholder basis Reporting and filing requirements Conversion of C corporation with prior retained earnings Passive Activity Rules, Fringe Benefits, and Other Considerations "
