Roles and Responsibilities in Risk Management

Description

Explaining the misunderstood

The S corporation form of entity is unique and often misunderstood. You'll learn how to assist your clients with the most misconstrued areas of S corporation taxation and how they can use S status to their advantage.

Updated for recent legislation

The world of taxation is never static. The course is updated for recent legislative and regulatory changes, including:

Schedules K-2 and K-3 filing requirements Inflation Reduction Act SECURE 1.0 and 2.0 Beneficial ownership information reporting

Weighing the pros and cons

S corporation status doesn't suit every business. Throughout the course, you'll learn when it is advantageous or disadvantageous to be taxed as an S corporation.

Making the model work

You'll be exposed to methods of effectively communicating with potential business clients and existing shareholders about how you can make the S corporation business model 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 S election 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