S Corporations: Key Issues, Compliance, and Tax Strategies - Tax Staff Essentials
- Explaining the misunderstood The S corporation form 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, including H.R. 1 The world of taxation is never static. H.R. 1, commonly referred to as OBBBA and passed in 2025, affected virtually every type of taxpayer, including S corporations. Refreshed materials discuss the H.R. 1 provisions that affect S corporations and their shareholders, including the qualified business income deduction and Section 179 expensing. The course has also been updated for legislative and regulatory developments related to:
- Inflation Reduction Act
- SECURE 2.0
- SECURE 1.0 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. Part of Tax Staff Essentials Level 1 This self-study online course is part of Tax Staff Essentials Level 1, a comprehensive learning program that provides tax staff with the technical training required to support their teams.
Learning Objectives
- Recognize the advantages and disadvantages of S corporation status.
- Recognize when the S election becomes effective.
- Identify shareholder consent rules and causes of invalid elections.
- Identify permitted fiscal years, elections, and user fees.
- Recognize events causing involuntary termination.
- Recognize when an S corporation is subject to tax at the entity level.
- Recognize how accumulated earnings and profits, accumulated adjustments accounts, other adjustments accounts, and shareholder bases are affected by distributions.
- Recall the applicability of various S corporation filing requirements.
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
