IRS S Corporations

IRS S Corporations
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Price: $29.99
Credits: 3.0
Prerequisite: N/A
Level: Overview
Model: YJ2ER-T-00324-24-S
Author: Danny Santucci
Average Rating: Not Rated
Fields of study: Taxes
Format: PDF

This course is specifically for Enrolled Agents that need to report to the IRS.

In this course, the intricacies of setting up and terminating an S corporation are detailed and taxation is discussed. The numerous advantages and disadvantages of this entity are identified to help practitioners determine whether the S corporation is most suitable for their clients. Eligible domestic corporations can avoid double taxation by electing to be treated as an S corporation under the rules of Subchapter S. Subchapter S provides an optional method of corporate taxation and allows small business corporations to elect unusual tax treatment. The S corporation is taxed like a partnership, but in other respects, S corporations are taxed like C corporations.

Learning Assignment & Objectives

As a result of studying the assigned materials, you should be able to meet the objectives listed below.


At the start of the materials, participants should identify the following topics for study:

* Advantages & disadvantages

* S corporation status

* Termination

* Income & expense

* Built-in gain

* Passive income

* Basis of stocks & debts

* Distributions

* Form 1120S

* Fringe benefits

Learning Objectives

After reading the materials, participants will able to:

1. Analyze a client's potential use of the S corporation format by listing its tax advantages and disadvantages, describing the requirements for an S corporation election, identifying eligible S corporation shareholders, explaining the one-class-of–stock regulations, and pointing out the ways an S corporation election can be terminated.

2. Explain the operation of S corporation taxation by:

a. Describing the application of passive income taxation, accumulated adjustments accounts, built-in gains, net operating losses, tax preference items, and potential capital gains taxes,

b. Determining a shareholder’s stock basis from capitalization and loan activity,

c. Discussing the related party rules including their impact on deductions, available fringe benefits, and tax forms to use when filing as an S corporation.

Revision Date: 3/29/2024

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants :
Any CPA looking to maintain or enhance their professional competence

Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
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