Tax Staff Essentials - S Corporation Bundle

S corporation taxation, from basic to advanced

You’ll learn both basic and advanced S corporation concepts. You also learn to apply those concepts during tax planning to reduce taxes for small business clients.

Step back and assess the S corporation status

Not all entities are fit for S corporation status. Through the series, you encounter situations where the S corporation election is and is not advantageous for a business. You also learn:

• Requirements to elect S corporation status
• Ongoing requirements to maintain S corporation status
• Termination of S corporation status, voluntarily or involuntarily

The course also discusses core matters related to S corporations:

• Compensation to shareholder-employees
• Pass-through income and distributions
• Basis
• Passive losses
• Fringe benefits

Who Will Benefit

Tax professionals seeking in-depth training on S corporation income taxes

Key Topics

• Advantages and disadvantages of S corporations
• S corporation tax on built-in gains
• S corporation distributions
• Basis in S corporation stock
• Qualified subchapter S subsidiaries
• Section 199A and the qualified business income deduction
• Reasonable compensation
• Depreciation, Section 179, and bonus depreciation

Learning Outcomes

• Recognize when the S election becomes effective.
• 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.
• Apply the distribution ordering rules when an S corporation has accumulated earnings and profits.
• Apply the rules relating to qualified Subchapter S subsidiaries (QSubs).
• Differentiate the advantages available for small businesses based on entity type.
• Apply the four tiers of business losses for noncorporate taxpayers.