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

S corporation taxation, from basic to advanced

You'll learn both basic and advanced S corporation concepts. You also learn to apply those concepts during tax planning to reduce taxes for small business clients.

Step back and assess the S corporation status

Not all entities are fit for S corporation status. Through the series, you encounter situations where the S corporation election is and is not advantageous for a business. You also learn:

• Requirements to elect S corporation status
• Ongoing requirements to maintain S corporation status
• Termination of S corporation status, voluntarily or involuntarily

The course also discusses core matters related to S corporations:

• Compensation to shareholder-employees
• Pass-through income and distributions
• Basis
• Passive losses
• Fringe benefits

Courses Included:

• S Corporation Fundamentals
• Advanced Tax Planning S Corporations
• Tax Planning for Small Businesses

Tax Staff Essentials is a comprehensive, integrated curriculum that provides tax training for four different experience levels and is available in four different formats: Online, On-site, Tax Schools, and Webcasts.

Who Will Benefit

• Tax professionals seeking in-depth training on S corporation income taxes

Key Topics

• Why elect Subchapter S status
• S corporation qualifications
• S corporation election
• Termination of S corporation status
• Tax on S corporation built-in gains
• S corporation pass-through activity to shareholders
• Shareholder basis and losses
• Distributions
• S corporation passive activity rules, fringe benefits and other considerations
• Basis in S corporation stock
• Compensation planning
• Qualified subchapter S subsidiaries
• Liquidations, reorganizations and redemptions
• Estate planning and the use of trusts

Learning Outcomes

• Determine when an S corporation may be advantageous for a business.
• Identify the potential disadvantages of operating as an S corporation.
• 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 when the S election becomes effective.
• Identify causes of voluntary and involuntary termination.
• Determine whether an S corporation is subject to tax.
• Determine income or loss that passes through to the shareholder.
• Identify situations in which a fiscal year is allowable.
• Recognize active and passive income
• Determine material participation.
• Interpret the rules relating to the adjustment of basis in stock by S corporation shareholders.
• Calculate gain and loss on the distribution of property.
• Identify the distribution ordering rules when an S corporation has accumulated earnings and profits.
• Identify the rules concerning fringe benefits received by S corporation shareholder-employees.
• Apply the rules relating to qualified subchapter S subsidiaries.
• Apply the corporate reorganization rules to S corporations.
• Calculate the Section 199A deduction.
• Identify important tax considerations for the small business at each stage of its life.
• Calculate the qualified business income (QBI) deduction, built-in gains (BIG) tax, and the deduction for organizational costs and start-up costs.
• Recall the tax treatment of fringe benefits granted to partners and S corporation shareholders.
• Recall the tax implications of contributions by new investors to a corporation and partnership.
• Identify the benefits and structures of buy-sell agreements for small business owners.