S Corporations – Overview

Instructor

Mary Jane
Hourani

This course provides an overview of the key aspects and tax implications of S Corporations. Participants will learn the mechanics of electing Subchapter S status, compare S Corporations to other entity structures, and explore compliance requirements such as corporate formalities. Highlights include a detailed discussion of Form 1120S, accountable plans, taxable fringe benefits, officer reasonable compensation, and IRS audit strategies. The course also covers Schedules K-1, K-2, and K-3, as well as the concept of effectively connected income. Practitioners will gain practical insights into advisory services and strategies for representing clients before the IRS.

*Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com

Learning Objectives

Compare S Corporations with other entity structures to assess suitability.
Prepare Form 2553, Election by a Small Business Corporation, for clients.
Identify “reasonable cause” relief for late filing of Form 2553.
Analyze shareholder stock and debt basis requirements.
Highlight key components of Form 1120S and Schedule K-1.
Discuss the requirements for officer reasonable compensation and its implications.
Identify who is required to receive reasonable compensation.
Apply facts and circumstances to advise clients on reasonable compensation.
Develop strategies to defend reasonable compensation during IRS audits.
Review the preparation of Schedules K-2 and K-3 for entity compliance.
Understand the implications of effectively connected income for S Corporations.

Major Topics

Overview of S Corporation election and compliance requirements
Comparison of S Corporations with other business entities
Preparing Form 2553 and addressing late filing relief
Shareholder stock and debt basis considerations
Form 1120S and Schedule K-1: key aspects and reporting requirements
Officer reasonable compensation requirements and IRS audit strategies
Introduction to Schedules K-2 and K-3
Compliance with corporate formalities and taxable fringe benefits

CPE Credits Available

2 CPE

2: Taxes

Things to Know About This Course

Course Level

Intermediate

Professional Area of Focus

Taxes

Advanced Preparation

None

Intended Audience

CPAs, EAs, and tax professionals working with or advising S Corporations

Provider

ACPEN

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Price includes $0.00 early registration discount(s) - expires 9/23

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Price includes $0.00 early registration discount(s) - expires 9/23

Price includes $0.00 early registration discount(s) - expires 9/23

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