S Corporations: Key Issues, Compliance, and Tax Strategies - Tax Staff Essentials

This product has been updated to reflect changes under H.R. 1, P.L. 119-21, commonly known as the One Big Beautiful Bill Act or OBBBA.

Explaining the misunderstood

The S corporation form is unique and often misunderstood. You'll learn how to assist your clients with the most misconstrued areas of S corporation taxation and how they can use S status to their advantage.

Updated for recent legislation

The world of taxation is never static. The course is updated for recent legislative and regulatory developments, including:

• Schedules K-2 and K-3 filing requirements
• Inflation Reduction Act
• SECURE 1.0 and 2.0
• Relevant IRS guidance

Weighing the pros and cons

S corporation status doesn't suit every business. Throughout the course, you'll learn when it is advantageous or disadvantageous to be taxed as an S corporation.

Making the model work

You'll be exposed to methods of effectively communicating with potential business clients and existing shareholders about how you can make the S corporation business model work for them.

Part of Tax Staff Essentials Level 1

This self-study online course is part of Tax Staff Essentials Level 1, a comprehensive learning program that provides tax staff with the technical training required to support their teams.

This course can be purchased individually or as part of the Tax Staff Essentials Level 1 bundle.

Who Will Benefit

• Public accounting firm staff and senior associates
• CPAs
• S corporation tax filers

Key Topics

• Advantages and disadvantages of S corporations
• Electing S corporation status
• Termination of S corporation status
• S corporation tax on built-in gains
• S corporation pass-through to shareholders, basis and losses
• S corporation distributions
• Taxable year of S corporations
• S corporation passive activity rules, fringe benefits and other considerations

Learning Outcomes

• Recognize the advantages and disadvantages of S corporation status.
• Recognize when the S election becomes effective.
• Identify permitted fiscal years, elections, and user fees.
• Identify shareholder consent rules and causes of invalid elections.
• Recognize events causing involuntary termination.
• Recognize when an S corporation is subject to tax at the entity level.
• Recognize how accumulated earnings and profits, accumulated adjustments accounts, other adjustments accounts, and shareholder bases are affected by distributions.
• Recall the applicability of various S corporation filing requirements.