- 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
This interactive self-study course covers various aspects of a corporation's initial S year. Lesson 1 covers the lengthy list of criteria for S eligibility. Lesson 2 describes how and when the S election should be filed. Lesson 3 addresses the compliance issues practitioners most frequently face when a business is incorporated. Lesson 4 concentrates on the specific expenditures incurred before an S corporation begins the active conduct of a trade or business.
Course Expiration Date: November 30, 2019
Please note, the grading fee for answer sheets submitted by regular mail is $105.
Upon successful completion of this course, the user should be able to:
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.