S Corporations Mini-course – 2.5 hrs. CPE
In this course, the intricacies of setting up and terminating an S corporation are detailed and taxation is discussed. The numerous advantages and disadvantages of this entity are identified to help practitioners determine whether the S corporation is most suitable for their clients. Eligible domestic corporations can avoid double taxation by electing to be treated as an S Corp under the rules of Subchapter S. Subchapter S provides an optional method of corporate taxation and allows small business corporations to elect unusual tax treatment. The S Corp is taxed like a partnership, but in other respects, S corporations are taxed like C corporations.
Course Information
Course No. M110
Format: Online pdf (71 pages). Printed book available.
Instructional Delivery Method: QAS Self-Study
Prerequisites:Â General understanding of federal income taxation
Advance Preparation:None
Level: Overview
CPE Credit: 2.5 hrs. (2 hrs IRS CE credit)
Field of Study: Taxes: Technical
Course expiration:Â Â You have one year from date of purchase to complete the course.
Course Revision Date: July 2026
Objectives
* Advantages & disadvantages
* Subchapter S status
* Termination
* Income & expense
* Built-
* Passive income
* Basis of stocks & debts
* Distributions
* Form 1120S
* Fringe benefits
Objectives:
a. Recognizing separately stated pass-through items, the application of passive income taxation, §1374 built-in gains, net operating losses, potential estimated taxes, and §465 at-risk provision, and
b. Specifying the related party rules, including their impact on deductions, available fringe benefits, and Form 1120S filing requirements.
Excellent material