- NY Credits : 8.0
- TX Credits : 8.0
- CTEC Credits : Federal Tax Law - 8.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 8.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 8.0
Companion to PPC's 1120S Deskbook - Course 2 - Eligibility, Filing and Repairing the S Election, Incorporation and Capitalization, and Organizational and Start-Up Expenses (T2STG172)
Identify the S corporation eligibility requirements.
Identify how family members and qualified retirement plan trusts are treated as one shareholder.
Determine how certain banks elect S status, how small business corporations meet the one-class-of-stock requirement, and how the 3.8% net investment income tax (NIIT) applies to the net investment income of individuals estates, and trusts with income above certain thresholds.
Determine the deadlines and forms required when filing an S election.
Recognize the methods for obtaining relief from a late or invalid S election.
Identify the Section 351 requirements regarding incorporation and partnerships electing S status, how incorporation can be taxable, and how S corporations file Form 1120S.
Determine the tax treatment of organizational expenses and start-up expenses.
Lesson 2—Filing and Repairing the S Election
Lesson 3—Incorporation and Capitalization
Lesson 4—Organizational and Start-up Expenses