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Credit Hours: 11
By: Bob Jennings CPA, EA
IRS Number: 5KBKR-T-00421-16-S
The discussion of S corporations begins with formation issues and test and includes elections using Form 2553, late “S” elections, 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 includes in-depth discussion of the new built in gains permanent change and concludes with a case study on S corporation liquidations.
2016 Course Version
Upon completion of this course, you will be able to: 1. Identify who can own stock in an S Corporation 2. Determine when to make an “S” election 3. Determine which method of accounting should be used in S Corporations 4. Identify the rules for Health Insurance for >2% S Corp shareholder-employees 5. Determine when Built in Gains tax applies in various situations 6. Identify the benefits of the Elective Ordering Rule 7. Determine what reduces basis 8. Identify what information should be included on the Current Year Net Recognized Built in Gains worksheet 9. Determine when BIG tax applies 10. Identify how to reduce or eliminate BIG tax 11. Many More ( See Course Content & Learning Objectives Page for the complete list)
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: 11
by Bob Jennings CPA, EA
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