S Corporations: Key Issues, Compliance, and Tax Strategies - Tax Staff Essentials

Presented by Deborah Phillips

Presentation type = pre-record/rebroadcast

New or existing clients and businesses need assistance with the most misunderstood areas of S corporations taxation and how they can use them to their advantage. Be prepared to explain the benefits and drawbacks of electing S corporation status and why business taxpayers may favor the pass-through entity over the C corporation. This course will give you the knowledge you need to speak effectively to potential business clients and existing shareholders about the S corporation business model that may work for them.

Public accounting firm staff and senior associates

CPAs

S corporation tax filers

• Determine when an S corporation may be advantageous for a business.
• Identify the potential disadvantages of 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 when the S election becomes effective.
• Identify causes of voluntary and involuntary termination.
• Determine whether an S corporation is subject to tax.
• Determine income or loss that passes through to the shareholder.
• Identify situations in which a fiscal year is allowable.
• Recognize active and passive income
• Determine material participation.

S corporation qualifications

Election of S corporation status

Termination or revocation of S corporation status

Pass-through of income and loss items to the shareholder

Distributions to S corporation shareholders

Reporting and filing requirements

Choice of year-end

Shareholder basis