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S Corporations: Key Issues, Compliance, and Tax Strategies (On-Demand) 2022


Capture the information necessary to prepare most of the common S corporation tax returns you will encounter. This course will provide tax planning strategies for new businesses considering the S corporation form of entity, and the pros and cons of switching from a C corporation to an S corporation.

Learn S corporation core fundamentals and strategies Learn how to assist your clients with the most misunderstood areas of S corporation taxation and how they can use them to their advantage.

Pros and cons Understand the benefits and drawbacks of electing S corporation status and why more business taxpayers favor the pass-through entity over the C corporation.

Make the model work Learn to speak effectively to potential business clients and existing shareholders about how you can make the S corporation business model work for them.

Learning Objectives
  • Identify the advantages and potential disadvantages of operating as an S corporation.
  • Recognize individuals and entities that are eligible to own S corporation stock.
  • Recall how to make a proper S corporation election.
  • Identify causes of voluntary and involuntary termination.
  • Recall methods of allocating income for the short years caused by a termination.
  • Estimate the tax on built-in gains.
  • Identify the items of income, gain, loss, and deduction that adjust basis of shares and indebtedness and the order of application of the items.
  • Distinguish how accumulated earnings and profits, accumulated adjustments account, other adjustments account, and the shareholder’s basis are affected by distributions.
  • Recognize when a Section 444 election and resulting required payments should be made.
  • Indicate whether and to what extent passive losses can be deducted against other income.
  • Identify which fringe benefits are deductible by the shareholders.
Major Topics
  • Advantages versus disadvantages of S corporations
  • S corporation qualifications
  • 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
AICPA - Durham
Course Level
CPE Field of Study
Who Should Attend
  • Public accounting firm staff and senior associates
  • Certified public accountants
  • S corporation tax filers


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S Corporations: Key Issues, Compliance, and Tax Strategies (On-Demand) 2022

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