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Credit Hours: 8
By: Bob Jennings CPA, EA
IRS Number: 5KBKR-T-00498-17-S
The discussion of S corporations includes elections using Form 2553, late “S” election, allowed shareholders, reasonable compensation, basis rules, distributions and accounting issues as well as the use of ESBT’s, QSST’s and the Q-Sub. The “S” discussion provides the forms, elections and statements needed to convert a sole proprietor to an S corporation or to convert an LLC to an s corporation, as well as the guidance needed to convert a C corporation. The rare 338 step-up election for S corporations is discussed in example form and we also provide the instructions and elections to make a deemed dividend election or to distribute E&P before AAA. We also discuss troublesome operating issues such as officer compensation, suspended losses and non-cash distributions. We analyze the effects of fringe benefits on the owners of the S corporation. The course concludes with a case study on S corporation liquidations.
Upon the completion of this course, the student should be able to: Prepare tax returns for S Corporations.
Field of Study
2-4 years tax preparation experience
**One exam credit is included at no charge with each product purchased. Additional exam credits can be purchased above. Exams can be taken up to 1 year from purchase date.
Credit Hours: 8
by Bob Jennings CPA, EA
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