S Corporations: Key Issues, Compliance and Tax Strategies

Course Details

Date

Monday, November 20, 2023

7:00am – 3:00pm (Registration: 4:02pm)

Location

Online

Field of Study

Taxation

CPE Credit

8 hours CPE credit

Level of Knowledge

Beginning

Vendor

AICPA

Prerequisites

None

Description

Learn S corporation core fundamentals and strategies

Learn how to assist your clients with the most misunderstood areas of S corporation taxation and how they can use them to their advantage.

Understand the benefits and drawbacks of electing S corporation status, and uncover the tax planning strategies for new businesses considering the S corporation form of entity.

This webcast has been updated for legislation that affects S corporations, including the new Schedule K-2 and K-3 requirements.

Make the model work

Learn to speak effectively to potential business clients and existing shareholders about how the S corporation business model might work for them.

Highlights

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

    Objectives

    • Identify the advantages and potential disadvantages of operating 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.
    • Identify causes of voluntary and involuntary termination.
    • Recall methods of allocating income for the short years caused by a termination.
    • Calculate the tax on built-in gains.
    • 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 accumulated earnings and profits, accumulated adjustments account, other adjustments account, and the shareholder's basis are affected by distributions.
    • Recognize when a Section 444 election and resulting required payments should be made.
    • Determine whether and to what extent passive losses can be deducted against other income.
    • Identify which fringe benefits are deductible by the shareholders.

    Designed For

  • Public accounting firm staff and senior associates
  • Certified public accountants
  • S corporation tax filers

    • Registration for this course has passed.

    Course Pricing

    WYOCPA Member Fee
    $332.00

    Non-Member Fee
    $403.00

    Your Price
    $403.00

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