S Corporations: Key Issues, Compliance, and Tax Strategies - Tax Staff Essentials

Overview

Tax planning strategies for new businesses considering electing S corporation status, and the pros and cons of switching from a C corporation to an S corporation.

Delivery Method: Individual webcast
CPE Credit: Taxes
Program Level: Basic

This course is being offered by a 3rd party vendor and will not be accessible on your My CPE page. Webinar access information will be emailed directly to you by AICPA.

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

Prerequisites

None

Designed For

Public accounting firm staff and senior associates

CPAs

S corporation tax filers

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.

Level

Code

Vendor

Fields of Study

Leader(s):

William Harden, James William Harden, CPA

Leader Bios

William Harden, James William Harden, CPA

J. William Harden, Ph.D., CPA, ChFC, is an associate professor in the Bryan School of Business and Economics at the University of North Carolina (UNC) – Greensboro, where he teaches tax courses on flow-through entities, individual and corporate tax, tax research, Internal Revenue Service (IRS) practices and international tax. Prior to teaching, Harden was a senior tax accountant with an international CPA firm as well as a tax accountant for an international oilfield exploration company. In addition to his university teaching, Harden consults on tax and financial planning issues. He has testified before the House Ways and Means Oversight Subcommittee on Internet taxation issues. The recipient of a Lybrand Certificate of Merit in 2002, Harden is actively involved in several committees at UNC – Greensboro.

Return to Top