Many company owners want to reduce their income taxes and be shielded from creditor claims. A good way to do this is with the S corporation structure. In the S Corporation Tax Guide self-study CPE course, we discuss the advantages and disadvantages of S corporations, as well as how their income and losses are passed through to shareholders, how to handle deductible expenses, shareholder basis issues, distributions to shareholders, the sale of S corporation stock, tax planning, and much more. In short, this CPE class presents a concise analysis of the essential issues related to S corporations.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Recognize the advantages and disadvantages of using the S corporation structure.
Specify the requirements for adopting the S corporation structure.
Identify the types of trusts that can invest in an S corporation.
Recognize all aspects of the election process to become an S corporation.
Identify the requirements to re-qualify as an S corporation after the original status was terminated.
Recognize how the various deductions are treated by an S corporation.
Specify how the startup expenses of an S corporation are treated.
Identify the circumstances under which an S corporation can be directly liable for income taxes.
Recognize the components of passive investment income.
Specify how pass-through income, losses, and so forth are allocated to shareholders.
Specify the reason why the accumulated adjustments account is maintained by an S corporation.
Identify the tax treatment of an S corporation liquidation.
Major Topics
S Corporation Advantages
Payroll Tax Advantages
Requirements to Form an S Corporation
The S Corporation Election
The Annual S Corporation Tax Return
Accounting Methods
Section 199A Deduction for Qualified Business Income
S Corporation Distributions
Differences Between the S Corporation and Other Entities
