CPE Self-Study
S Corporation Fundamentals - Tax Staff Essentials
Online: 11.0
Get the knowledge you need to speak effectively about how the S Corporation business model can work for clients.

CPE On-Demand
AICPA’s online CPE courses will operate in a variety of configurations, but only the configuration described below is supported by our technicians.

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  • Windows 7 to present

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Product details

Who Will Benefit?

  • Public accounting staff and senior associates
  • Tax professionals

Key Topics

  • Advantages and disadvantages of S corporations
  • S corporation qualifications
  • Electing and terminating S corporation status
  • S corporation tax on built-in gains
  • S corporation pass-through to shareholders, basis and losses
  • S corporation distributions and taxable year
  • S corporation passive activity rules, fringe benefits and other considerations

Learning Objectives

  • Determine whether an S corporation may be advantageous—or disadvantageous—for a business.
  • Understand qualification requirements for an S corporation.
  • Recognize individuals and entities eligible to own S corporation stock.
  • Determine how to make a proper S corporation election, permitted fiscal years, elections, and user fees.
  • Determine what level of taxation an S corp is subject to.
  • Calculate the tax on built-in gains.
  • Identify the items of income, gain, loss, and deduction that adjust basis of shares and indebtedness.
  • Recognize active and passive income and determine material participation.
  • Identify which fringe benefits are deductible by the shareholders.

Speak knowledgably about S corporation status

Do you need to know all about S corporations to appropriately counsel your clients' businesses? This course will help you understand how the S corporation business model works, including requirements, benefits and drawbacks. Covering the PATH Act and other recent legislation affecting S corporations, this CPE course is a comprehensive introduction to the nature of the S corp and how it's treated for income tax purposes. You'll examine some of the advantages and disadvantages of incorporation, go through the requirements for election to become an S corp and learn why more business taxpayers favor the pass-through entity over the C corporation.
Save when you buy the complete Tax Staff Essentials, Level 1 online bundle.

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Ratings and reviews

Gregory B. McKeen, CPA


American Institute of CPAs

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CPE credits
: 11.0
NASBA Field of Study
Delivery Method
QAS Self-Study
Course acronym
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