S Corporations: Key Issues, Compliance, and Tax Strategies

Description

The S corporation form is often misunderstood. With a solid foundation in S corporation taxation, you can explain to clients how they can use the tax status to their advantage. You'll become prepared to explain the benefits and drawbacks of electing S corporation status and why business taxpayers may favor pass-through entity treatment over the C corporation. This course will give you the knowledge you need to speak effectively to potential business clients and existing shareholders about the S corporation business model that may work for them.

Highlights

  • Advantages and disadvantages of S corporations
  • 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

Objectives

  • Recognize when an S corporation may be advantageous for a business.
  • Identify the potential disadvantages of operating as an S corporation.
  • Identify permitted fiscal years, elections, and user fees.
  • Recognize when the Selection becomes effective.
  • Identify shareholder consent rules and causes of invalid elections.
  • Recognize events causing involuntary termination.
  • Recall the path to making a new election after termination.
  • Recognize when an S corporation is subject to tax at the entity level.

Designed For

Public accounting firm staff and senior associates - CPAs - S corporation tax filers

Leaders

Suzanne Youngberg

Suzanne Youngberg joined the faculty at Northern Illinois University as a full-time member in 2000 and is currently teaching in the accounting graduate and undergraduate programs. Suzanne served as the academic advisor for the NIU Master of Science in Taxation Program from 2005 - 2022 as well as serving multiple times on the accountancy curriculum committee. Prior to coming to NIU, she worked for five years in the tax department of a medium-sized public accounting firm. She also taught for seven years at North Central College in Naperville, Illinois. Suzanne received her Bachelor of Science in Accountancy from NIU and her Master of Science in Taxation from DePaul University.

Suzanne maintained her own tax practice for 30 years specializing in individual and small business compliance and strategic tax planning. She has served as treasurer for a local nonprofit organization and delivered speeches to various commerce organizations. Suzanne has been featured as a guest on several Chicago tv stations discussing the child tax credit and the dependent care credit.

Suzanne is currently writing two tax textbooks for Wiley, Fundamentals of Individual Taxation and Taxation of Business Entities. Suzanne has presented at the ATA and AAA conferences multiple times. Suzanne has previously taught the tax segment for NIU’s CPA Review Program as well as providing instruction for continuing professional education for a national public accounting firm.