- NY Credits : 2.0
- TX Credits : 2.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 2.0
This course focuses on the corporate level taxes to which an S corporation may be subject, such as the built-in gains tax, the excess passive investment tax, and the tax on recaptured amounts. It also considers some of the tax credits an S corporation may be eligible to claim, including the disabled access credit, the work opportunity credit, and the research tax credit. In addition, it discusses the credits available for costs incurred by small employers that start a pension plan and costs associated with employer-provided child care.
This course is most appropriate for the professional with detailed knowledge in S corporation taxation who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.
Upon successful completion of this course, the user should be able to:
recognize the situations where an S corporation is liable for corporate level tax liability,
recognize when an S corporation is required to make estimated taxes,
identify penalties that may be imposed,
recognize the application of the built-in gains tax and the excess passive income tax,
recognize the circumstances under which LIFO inventory is subject to recapture, and
recognize the requirements for taking the disabled access credit, the work opportunity credit, the research tax credit, as well as other various credits.