S corporations are subject to different tax rules than other types of entities. This informative course guides you through the intricacies of S corporation formation, taxation, and termination. The numerous advantages and disadvantages of this entity are also identified to help you determine whether the S corporation is suitable for your clients. You'll learn how eligible domestic corporations can avoid double taxation by electing to be treated as an S corporation. Plus, you'll learn how Subchapter S provides an optional method of corporate taxation and allows small business corporations to elect unusual tax treatment.
Upon successful completion of this course, participants will be able to:
- Note advantages and disadvantages of an S corporation
- Recognize the requirements for electing S corporation status and setting up an S corporation, noting characteristics of S corporation shareholders and stock
- Identify circumstances where a corporation's status as an S corporation may be terminated, noting effective dates for termination as well as termination year taxation allocations and annualization
- Recognize S corporation taxation requirements and tax treatment for income and expenses, pass-through items, built-in gains, passive income, accumulated adjustments accounts, net operating losses, tax preference items, and potential capital gains taxes
- Note the requirements and tax treatment for S corporation fringe benefits
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