S Corporations (Mini)

  • Credits: 3
  • Format: Self-Study eBook
  • Field of Study: Federal Tax Law
  • Author/Speaker: Danny Santucci, CPA
Course ID: Advanced Preparation: Experience Level:
EWTFM-T-01783-21-S | 6233-CE-0503 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© March 2021 General Understanding of Federal Income Taxation Self-Study eBook

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.

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

Learning Objectives:

After reading the course material, you will be 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:
    • Recognizing the application of passive income taxation, accumulated adjustments accounts, built-in gains, net operating losses, tax preference items, and potential capital gains taxes,
    • Determining a shareholder’s stock basis from capitalization and loan activity,
    • Specifying the related party rules including their impact on deductions, available fringe benefits, and tax forms to use when filing as an S corporation.

Who Should Attend:
  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Tax Return Preparers (TRPs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s: