S Corporations Mini-course (3 Hrs)

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Course Description

S Corporations Mini-course – 3 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 corporation 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 corporation is taxed like a partnership, but in other respects, S corporations are taxed like C corporations.

Course Information

Price: $47

Course No. M110
Format: Online pdf (74 pages). Printed book available.
Prerequisites: General understanding of federal income taxation
Advance Preparation:None
Level: Overview
CPE Credit: 3 hrs.
Field of Study: Taxes
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: April 2019


Major Topics:
* Advantages & disadvantages
* S corporation status
* Termination
* Income & expense
* Built-in gain
* Passive income
* Basis of stocks & debts
* Distributions
* Form 1120S
* Fringe benefits

After reading the materials, participants will able to:
1. Recognize a client’s potential use of the S corporation format and its tax advantages and disadvantages by: citing the requirements for an S corporation election, identifying eligible S corporation shareholders, specifying the one-class-of–stock regulations, and determining the ways an S corporation election can be terminated.
2. Identify the concepts of S corporation taxation by:
a. Recognizing the application of passive income taxation, accumulated adjustments accounts, built-in gains, net operating losses, tax preference items, and potential capital gains taxes,
b. Determining a shareholder’s stock basis from capitalization and loan activity,
c. Specifying the related party rules including their impact on deductions, available fringe benefits, and tax forms to use when filing as an S corporation.
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