S Corporation Fundamentals - Tax Staff Essentials
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This CPE course is a comprehensive introduction to the nature of S Corporations and how they are treated for income tax purposes. You will examine some of the advantages and disadvantages of incorporation and then go through the requirements for electing to be an S Corporation. You will also review the rules for operating an S Corporation.
- Why elect Subchapter S
- S corporation qualifications
- S corporation election
- Termination of S corporation status
- Tax on S corporation built-in gains
- S corporation pass-through activity to shareholders
- Shareholder basis and losses
- Taxable year options
- S corporation passive activity rules, fringe benefits, and other considerations
This course will prepare you to:
- Determine when an S corporation may be advantageous for a business
- Identify the potential disadvantages to operating as an S corporation
- 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 when the S election becomes effective
- Identify who must consent to the election
- Identify causes of voluntary and involuntary termination
- Identify revocation of the election
- Recognize events causing involuntary termination
- Recall methods of allocating income for the short years caused by a termination
- Determine whether an S corporation is subject to tax.
- Calculate the tax on built-in gains
- Determine income or loss that passes through to the shareholder
- Identify the items of income, gain, loss, and deduction that adjust basis of shares and indebtedness and the order of application of the items
- Determine how losses can be offset by debt basis after stock basis has been reduced to zero
- Identify the concept of distributions
- Determine how accumulated earnings and profits (AE&P), accumulated adjustments account (AAA), other adjustments account (OAA), and the shareholder’s basis are affected by distributions
- Determine permitted fiscal years, elections, and user fees
- Identify situations in which a fiscal year is allowable.
- Recognize when a Section 444 election and resulting required payments should be made
- Recognize active and passive income and determine material participation
- Determine whether and to what extent passive losses can be deducted against other income
- Identify which fringe benefits are deductible by the shareholders
Who Will Benefit?
Staff and senior associates in public accounting who assist clients with tax compliance for closely held S Corporations
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