Webcast: S Corporation Fundamentals (XASCF117)
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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.

6/9/2017
When: 06/09/2017
8:00 AM until 4:00 PM
Where: Webcast
AICPA
1366195:EF4698C790815F03878803B427111F45
United States
Presenter: Jonathan Ingber


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AcronymXASCF117
CPE8 hours
VendorAICPA
Category
Taxes
LevelBasic
PrerequisiteNone
Adv PrepNone
Yellow Book?No
Designed forStaff and senior associates in public accounting who assist clients with tax compliance
Registration
Member$249
CPA Non-Member$319

The Member rate applies to LCPA members, other state society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Course Description

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

  • 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

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