2 Credits: Taxes
This course describes the primary failures of S corporations to attain or maintain their desired tax status. Fortunately, there are provisions that allow these companies to overcome certain S corporation requirements. This program explains the remedies for certain late elections by S corporations and their shareholders. The materials differentiate the situations that can be remedied by an Internal Revenue Service Center from those that require a ruling from the IRS National Office, which required payment of an expensive user fee. This material also includes solutions for S corporations, including unincorporated entities which have elected to be S corporations, to remedy certain class of stock violations. It distinguishes between the “single fault” problems which the corporation can remedy internally, from the “double fault” problems which require ruling requests.
Upon completion of this course, participants will be able to:
- Identify frequent causes of noncompliance with Subchapter S;
- Evaluate the remedies available for late S corporation elections, late trust elections and violations of the single class of stock requirement;
- Be aware of the hazards of limited liability companies electing S corporation status;
- Distinguish the need for a ruling, application to the Internal Revenue Service Center and internal corrections of the problems.
April 25, 2023
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02344-23-O
IRS Federal Tax Law Credits: 2
CTEC Course Number: 2071-CE-1912
CTEC Federal Tax Law Credits: 2
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
CTEC Notice: California Tax Education Council DOES NOT allow partial credit, course must be taken in entirety. Western CPE has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone toll-free at (877) 850-2832, or on the Internet at www.ctec.org.
Meet The Experts
Robert “Bob” W. Jamison, CPA, Ph.D., is Professor Emeritus of Accounting at Indiana University, Purdue University, Indianapolis (IUPUI). His principal area of specialization is S Corporations. He is the sole author of S Corporation Taxation, and co-author of Multistate Tax Guide to Pass-Through Entities, both of which are published annually by CCH, a Wolters Kluwer business. He is the author of the 2022 edition of Essentials of Federal Income Taxation, published annually by CCH, a Wolters Kluwer business. Bob is a well-known author and speaker on S Corporations. He is curator of Wolters Kluwer Answerconnect Topic “S Corporations” and subtopics …