COURSE DESCRIPTION
This course is an overview of an S Corporation's most common aspects and tax implications. Electing Subchapter S status and reviewing the mechanics of electing Subchapter S status will be discussed. It will further compare the S Corporation
to other forms of entities, along with compliance with corporate formalities. Highlights of Form 1120S will be addressed, including accountable plans, taxable fringe benefits, officer reasonable compensation, and audit strategies.
Schedules K-1, K-2, K-3, and effectively connected income will be reviewed in this course as well.
Learning Objectives:
After reading the course material, you will be able to:
- Compare S Corporation and other entity structures.
- Prepare Form 2553, Election by a Small Business Corporation
- Identify “reasonable cause” relief for Late Filing Form 2553, Election by a Small Business Corporation
- Review Shareholder Stock & Debt Basis
- Highlight aspects of Form 1120S and Schedule K (K-1)
- Discuss attributes of Officer Reasonable Compensation requirements
- Who is required to receive reasonable compensation?
- Facts & circumstances in advisory services
- Strategies that practitioners may use when representing taxpayers before the Internal Revenue Service in defense of the compensation taken.
- Overview of entity preparation of Schedule K-2, and K-3.
Who Should Attend:
- All Certified Public Accountants (CPAs)
- Enrolled Agents (EAs)
- Other Tax Return Preparer (OTRP)
Qualifies and Approved with all State Boards of Accountancy and the following sponsorships:
