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

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2206842  |  Webcasts & Webinars  |  Basic  |  Scheduled

Description

Tax Staff Essentials

New or existing clients and business 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 more business taxpayers 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 how you can make the S Corporation business model work for them.

Curriculum

  • Taxation

Prerequisites

none

Designed For

Staff and senior associates in public accounting who assist clients with tax compliance for closely held S Corporations

Objectives

Identify the advantages and potential disadvantages of operating as an S corporation. -Recognize individuals and entities that are eligible to own S corporation stock. -Determine how to make a proper S corporation election. -Identify causes of voluntary and involuntary termination. -Recall methods of allocating income for the short years caused by a termination. -Calculate the tax on built-in gains. -Identify the items of income, gain, loss, and deduction that adjust basis of shares and indebtedness and the order of application of the items. -Determine how accumulated earnings and profits, accumulated adjustments account, other adjustments account, and the shareholder's basis are affected by distributions. -Recognize when a Section 444 election and resulting required payments should be made. -Determine whether and to what extent passive losses can be deducted against other income.

-Identify which fringe benefits are deductible by the shareholders.

Highlights

Advantages vs. disadvantages of S Corporations -S Corporation Qualifications -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

Registration for this event has closed. If you have any question or concerns please give us a call at 515-223-8161 or send us an e-mail at iacpa@iacpa.org