CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

S Corporations

Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
3 Credits: Taxes

Course Description

In this course, the intricacies of setting up and terminating an S corporation are detailed and taxation is discussed. The numerous advantages and disadvantages of this entity are identified to help practitioners determine whether the S corporation is most suitable for their clients. Eligible domestic corporations can avoid double taxation by electing to be treated as an S corporation under the rules of Subchapter S. Subchapter S provides an optional method of corporate taxation and allows small business corporations to elect unusual tax treatment. The S corporation is taxed like a partnership, but in other respects, S corporations are taxed like C corporations.

Learning Objectives

Upon successful completion of this course, participants will be able to:

  • Recognize a client’s potential use of the S corporation format and its tax advantages and disadvantages by citing the requirements for an S corporation election, identifying eligible S corporation shareholders, specifying the one-class-of-stock regulations, and determining the ways an S corporation election can be terminated.
  • Identify the concepts of S corporation taxation by:
    • Recognizing the application of passive income taxation, accumulated adjustments accounts, built-in gains, net operating losses, tax preference items, and potential capital gains taxes,
    • Determining a shareholder’s stock basis from capitalization and loan activity,
    • Specifying the related party rules including their impact on deductions, available fringe benefits, and tax forms to use when filing as an S corporation.

Course Specifics

Course ID
8212742
Revision Date
March 10, 2021
Number of Pages
70
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01766-21-S
IRS Federal Tax Law Credits: 3
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1554
CTEC Federal Tax Law Credits: 3

Course Instructor

Danny Santucci Headshot
Danny Santucci, JD

Danny Santucci, BA, JD, is a prolific author of tax and financial books and articles. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines, and Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning. Speaking to more than 100 groups nationally each year, he is known …

Danny Santucci, JD Read More »

S Corporations

Expert Instructors
Format
CPE CREDITS
3 Credits: Taxes

$87.00$107.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
3 Credits: Taxes

Course Description

In this course, the intricacies of setting up and terminating an S corporation are detailed and taxation is discussed. The numerous advantages and disadvantages of this entity are identified to help practitioners determine whether the S corporation is most suitable for their clients. Eligible domestic corporations can avoid double taxation by electing to be treated as an S corporation under the rules of Subchapter S. Subchapter S provides an optional method of corporate taxation and allows small business corporations to elect unusual tax treatment. The S corporation is taxed like a partnership, but in other respects, S corporations are taxed like C corporations.

Learning Objectives

Upon successful completion of this course, participants will be able to:

  • Recognize a client’s potential use of the S corporation format and its tax advantages and disadvantages by citing the requirements for an S corporation election, identifying eligible S corporation shareholders, specifying the one-class-of-stock regulations, and determining the ways an S corporation election can be terminated.
  • Identify the concepts of S corporation taxation by:
    • Recognizing the application of passive income taxation, accumulated adjustments accounts, built-in gains, net operating losses, tax preference items, and potential capital gains taxes,
    • Determining a shareholder’s stock basis from capitalization and loan activity,
    • Specifying the related party rules including their impact on deductions, available fringe benefits, and tax forms to use when filing as an S corporation.

Course Specifics

Course ID
8212742
Revision Date
March 10, 2021
Number of Pages
70
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01766-21-S
IRS Federal Tax Law Credits: 3
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1554
CTEC Federal Tax Law Credits: 3

Course Instructor

Danny Santucci Headshot
Danny Santucci, JD

Danny Santucci, BA, JD, is a prolific author of tax and financial books and articles. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines, and Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning. Speaking to more than 100 groups nationally each year, he is known …

Danny Santucci, JD Read More »

S Corporations

Expert Instructors
Format
CPE CREDITS
3 Credits: Taxes

In this course, the intricacies of setting up and terminating an S corporation are detailed and taxation is discussed. The numerous advantages and disadvantages of this entity are identified to help practitioners determine whether the S corporation is most suitable for their clients. Eligible domestic corporations can avoid double taxation by electing to be treated as an S corporation under the rules of Subchapter S. Subchapter S provides an optional method of corporate taxation and allows small business corporations to elect unusual tax treatment. The S corporation is taxed like a partnership, but in other respects, S corporations are taxed like C corporations.

$87.00$107.00

Clear