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S Corporation Fundamentals - Tax Staff Essentials

Author/Moderator: Gregory McKeen, CPA
Publisher: AICPA
Availability: Online Access
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This CPE course is a comprehensive introduction to the nature of S corporations and how they are treated for income tax purposes. You will examine some of the advantages and disadvantages of incorporation and then go through the requirements for electing to be an S corporation. You will also review the rules for operating an S corporation.

Topics Discussed

  • Qualifications of S corporations
  • Election, termination, and revocation
  • Choice of year-end
  • Allocations of profits and losses
  • Distributions and shareholder basis
  • Reporting and filing requirements
  • Conversion of C corporation with prior retained earnings
  • Passive Activity Rules, Fringe Benefits, and Other Considerations

Learning Objectives
When you complete this course you will be able to:

  • Determine when an S Corporation may be advantageous for a business.
  • 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 how to make a proper S corporation election.
  • Determine income or loss that passes through to the shareholder.
  • Define and explain the concept of distributions.
  • Recognize active and passive income and determine material participation as it relates to an individual S corporation shareholder.

Prerequisites: None

Advance Preparation: None

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NASBA Field of Study: Taxes
Level: Basic
Recommended CPE Credit: 4.5
S Corporation Fundamentals - Tax Staff Essentials
CPE On-Demand , 2015
Product# 157611
Availability: Online Access 1 Year
For registered users only
AICPA Member:$109.00
Your Price:$139.00
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