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S Corporation Fundamentals - Tax Staff Essentials, Level 1 - New Staff

Author/Moderator: Gregory McKeen, CPA
Publisher: AICPA
Availability: Online Access
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Save when you buy the complete Tax Staff Essentials, Level 1 – New Staff bundle.

This 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
  • Examples for tax return preparation
  • Net Investment Income Tax
  • Medicare Payroll Tax

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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Find out more information on the Tax Section.

NASBA Field of Study: Taxes
Level: Basic
Recommended CPE Credit: 9
S Corporation Fundamentals - Tax Staff Essentials, Level 1 - New Staff
CPE On-Demand , 2014
Product# 157610
Availability: Online Access 1 Year
For registered users only
Regular:$289.00
AICPA Member:$229.00
Your Price:$289.00
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