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.
Learning Objectives
- When you complete this course, you will be able to:
- Determine when an S corporation may be advantageous for a business.
- Identify the requirements to qualify for an S election.
- Recognize individuals and entities that are eligible to own S corporation stock.
- Determine when the S election becomes effective.
- Determine when the S election becomes effective.
- Determine when the S election becomes effective.
- Situations in which a fiscal year is allowable.
Major Topics
- 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
