[WEB] S Corporation Tax Workshop
Description
This course is designed to identify the basic rules and regulations that apply in filing a Form 2553 and preparing a Form 1120S.
Highlights
LINK AND INSTRUCTIONS TO COME FROM AES TAX ONE DAY PRIOR TO SESSION
Objectives
After completing this course the participant will be able to:
- Summarize the seven basic factors that are commonly taken into account in advising a client as to the preferred way to operate a trade or business.
- Discuss the check-the-box regulations.
- Describe the procedural rules that apply to filing Form 1120S and filing Form 2553, including filing a late Form 2553 and the penalty for late filing a Form 1120S.
- Recognize the IRS audit issues as they relate to an S corporation.
- Identify the eligible owners of an S corporation.
- Describe the types of trusts eligible to own S corp stock; when to use an ESBT or QSST.
- Discuss S corporation operational problems including filing Form 2553, selection of tax year end, methods of accounting, calculation of taxable income, fringe benefits available, the treatment of health insurance premiums, reasonable compensation.
- Describe the effect of the S election on the corporation, including the types of income taxes that are imposed on an S corporation and making the PTE election.
- Discuss the effect of the S election on shareholders: allocation of S corporation income and separately stated gain, loss, deduction, and credit; calculation of shareholders' basis and limitation on loss deductibility; distributions from an S corporation; AAA and Schedule M-2.
- Calculate the deduction for qualified business income under §199A.
- Describe the events that will cause termination of the S election: vote of shareholders, ceasing to be an S corporation, passive investment income test, and converting an LLC taxed as an S corporation to an LLC taxed as a partnership.
- Prepare a Form 1120S and report stock and debt basis on Form 7203.
Designed For
Course Pricing
Early Registration Member Fee
Applicable if you are a HSCPA member in good standing and register by December 2, 2025. |
$280.00 |
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Member Fee
Applicable if you are a HSCPA member in good standing. |
$330.00 |
Early Registration Non-Member Fee
Applicable if you are not a HSCPA and register by December 2, 2025. |
$430.00 |
Non-Member Fee
Applicable if you are not a HSCPA member. |
$480.00 |
Your Price | $430.00 |
CPE Choice
Learn more about CPE Choice.
This course does not qualify for CPE Choice.