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

Overview

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

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

Prerequisites

None

Designed For

Public accounting firm staff and senior associates

CPAs

S corporation tax filers

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.

Notice

This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by AICPA.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

William Harden

Leader Bios

William Harden

Bill is an Associate Professor in the Bryan School of Business and Economics at the University of North Carolina at Greensboro where he teaches tax courses on flow-through entities, individual and corporate tax, tax research, IRS practices, and ethics. Bill has over twenty years of experience in taxation. He began his public accounting career in 1990 in the Dallas office of one of the Big Six accounting firms. In addition to his university teaching, Bill consults on tax and financial planning issues and maintains a sole practice in North Carolina, focusing on taxation and financial consulting for small businesses and individuals. Bill has testified before the House Ways and Means Oversight Sub-Committee on Internet taxation issues. He was the recipient of a Lybrand Certificate of Merit in 2002. Bill has been involved in CPE instruction for over a decade. He received NCACPA outstanding instructor awards in 2009, 2010, 2011, and 2013. Bill has authored over 30 publications in tax accounting and financial planning journals, including the Journal of Financial Service Professionals, Strategic Finance, National Tax Journal, Journal of Business Finance and Accounting, Tax Notes, Tax Advisor, and Journal of the American Society of CLU and ChFC. Mr. Harden is currently a member of the American Accounting Association, the American Taxation Association, the National Tax Association, and the North Carolina Association of CPAs.

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