New or existing clients and business 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 more business taxpayers 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
how you can make the S Corporation business model work for them.
Learning Objectives
- Recall the advantages of electing S Corporation status.
- Identify the requirements to qualify for an S Election.
- Recognize individuals and entities that are eligible to own S
Corporation stock.
- Recall how to make a proper S Corporation election.
- Recall how income or loss passes through the S Corporation to the
shareholders.
- Recognize the fundamental rules of distributions.
- Recognize active and passive income and determine material
participation.
- Recall key points related to the Section 179 deduction.
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
