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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.
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
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
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