Overview:This course is a comprehensive introduction to the nature of S Corporations and how they are treated for income tax purposes. We will examine some of the advantages and disadvantages of incorporation and then go through the requirements for electing to be an S Corporation. We will also review the rules for operating an S Corporation. TOPICS DISCUSSED • Qualifications of S Corporation • Election, termination, and revocation • Choice of year-end • Allocations of profits and losses • Distributions and shareholder basis • Reporting and filing requirement • Conversion of C Corporation with prior retained earnings • Passive Activity Rules, Fringe Benefits, and Other Considerations
Objective:LEARNING OBJECTIVES When you complete this course you will be able to: • Determine when an S Corporation may be advantageous for a business • Identify the requirements that must be met to qualify as an S Corporation • Recognize individuals and entities that are eligible to own S Corporation stock • Determine how to make a proper S Corporation election • Determine income or loss that passes through to the shareholder • Define and explain the concept of distributions • Recognize active and passive income and determine material participation as it relates to an individual S Corporation shareholder
Designed For:Staff and senior associates in public accounting who assist clients with tax compliance
Member/Nonmember Fees:249 / 319
CPE:Taxes 8 hour(s)
Yellow Book Credit:N
Cancellation or transfer requests made six(6) business days or more prior to the program, no fee assessed.
Cancellation or transfer requests made two(2) to five(5) business days prior to the program, $25 fee assessed.
Cancellation or transfer requests made one business day prior to the program, $50 fee assessed.
Day of program or no notice of cancellation, 100 percent course fee assessed.
If you transfer from an in-person class course to a webcast, the above policies apply.
Remember, the COCPA reserves the right to cancel a course seven days prior to the program date. Please keep this cancellation policy in mind when making your travel plans and airline reservations. The COCPA will not be liable for flight cancellation penalties due to our cancellation.
To cancel or transfer a course, please contact the Member Services department at 303-773-2877 or 800-523-9082.