This comprehensive, integrated curriculum provides tax training for four different experience levels – New Staff (Level 1), Experienced Staff (Level 2); Tax Senior/Supervisor (Level 3); and Tax Manager/ Director (Level 4).
This course is part of Tax Staff Training, Level 1 – New Staff which will cover key areas to ensure your young tax force is well prepared to begin their careers and establish a strong set of core skills necessary for junior staff growth.
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.
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
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.