Get the knowledge you need to speak effectively to new and current clients about how you can make the S Corporation business model work for them. Be prepared to explain the benefits and drawbacks of electing S Corporation status and why more business taxpayers favor the pass-through entity over the C Corporation. Discuss the most misunderstood areas of S Corporations taxation and how businesses and shareholders can use them to their advantage.
S Corporation qualifications
Election of S Corporation status
Termination or revocation of S Corporation status
Pass-through of income and loss items to the shareholder
Distributions to S Corporation shareholders
Reporting and filing requirements
Choice of year-end
When you complete this course, you will be able to:
Determine the advantages of electing S Corporation status.
Identify the requirements to qualify for an S Election.
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 complex rules of distributions.
Recognize active and passive income and determine material participation.