2024 MSCPA Annual Convention: Details

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

← Return to The CPE Catalog
Wednesday, October 16, 2024 @ 8:00am – 4:00pm
Add to Calendar

Description

New or existing clients and businesses 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 business taxpayers may 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 the S corporation business model that may work for them.

Prerequisites

None

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

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.

Credits

Category Amount
Taxation 8.00