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

Overview

Learn to speak effectively to potential business clients and existing shareholders about how you can make the S Corporation business model work for them., Tax planning strategies for new businesses considering electing S corporation status, and the pros and cons of switching from a C corporation to an S corporation.

Highlights

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

Designed For

Public accounting firm staff and senior associates

CPAs

S corporation tax filers

Objectives

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.

Notice

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