S Corporations: Key Issues, Compliance, and Tax Strategies - Tax Staff Essentials
- Explaining the misunderstood The S corporation form of entity is unique and often misunderstood. You'll learn how to assist your clients with the most misconstrued areas of S corporation taxation and how they can use S status to their advantage. Updated for recent legislation The world of taxation is never static. The course is updated for recent legislative and regulatory changes, including:
- Schedules K-2 and K-3 filing requirements
- Inflation Reduction Act
- SECURE 1.0 and 2.0
- Beneficial ownership information reporting Weighing the pros and cons S corporation status doesn't suit every business. Throughout the course, you'll learn when it is advantageous or disadvantageous to be taxed as an S corporation. Making the model work You'll be exposed to methods of effectively communicating with potential business clients and existing shareholders about how you can make the S corporation business model work for them.
Learning Objectives
- Recognize when an S corporation may be advantageous for a business.
- Identify the potential disadvantages of operating as an S corporation.
- Identify permitted fiscal years, elections, and user fees.
- Recognize when the S election becomes effective.
- Identify shareholder consent rules and causes of invalid elections.
- Recognize events causing involuntary termination.
- Recall the path to making a new election after termination.
- Recognize when an S corporation is subject to tax at the entity level.
Major Topics
- Advantages and disadvantages of S corporations
- 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
