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
Upon completion of this webcast, participants 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 Scorporation
Recognize individuals and entities that are eligible to own Scorporation 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 participationas 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
Provider
AICPA
Course Level
Basic
Professional Area of Focus
Tax
CPE Field of Study
Taxes
8
Who Should Attend
Staff and senior associates in public accounting who assist clients with tax compliance for closely held S Corporations.
