Course ID: FSC

Fundamentals of S Corporations

Learn the advantages and disadvantages of being an S corporation, the eligibility rules and election requirements, operational and reporting rules, and the tax effect of distributions. Participants will gain an understanding of the opportunities provided by S corporations but also the pitfalls to avoid.

In-person and live webcast CPE credit: up to 8.0

Learning Objectives

After completing this course, you will be able to:

Indicate if a corporation is eligible to elect to be taxed as an S corporation.
Recall the rules for electing S corporation status and terminating S corporation status.
Identify S corporation income and its flow-through to the shareholders.
Identify a shareholder’s basis in their stock and the limitations on the deductibility of flow-through losses.
Recognize the tax effects of S corporation distributions to the shareholder and the corporation.

Major Topics

Eligibility rules and shareholder requirements
Election requirements and terminations
Taxation of S corporation income
Shareholder basis
Distributions (basic)

Who Should Attend

This course is designed for entry level tax practitioners and any tax practitioner who works with S corporate taxation.

Fields of Study

Taxes

Prerequisites

None

CPE Credits

8.0

Level

Basic

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