- NY Credits : 5.0
- TX Credits : 5.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 5.0
S Corporations - Pass Through Items and Basis Adjustments
Subchapter S has a long history in the Internal Revenue Code. Aside from the tax benefits, these provisions are primarily of benefit to middle market owner managed businesses. Many successful Subchapter S corporations have grown into multibillion dollar multinational enterprises. Increasing global competitive pressure has forced many businesses into foreign jurisdictions where the company faces not only U.S. tax costs but foreign tax costs as well. The Subchapter S Corporation has fared well in this arena as relief from foreign tax credits can be claimed directly by the owners yet with all the comforts of owning a U.S. corporation. Despite numerous legislative changes over the past 50 years, the Subchapter S Corporation has been left relatively unscathed and, more often than not, the tax legislative developments were favorable for these provisions. In an age of increasing importance being given to middle market companies to fuel the economic recovery, Subchapter S Corporations remain viable and more than ever a more desirable choice of entity for a business owner. This course is most beneficial to professionals new to S corporation taxation who may be at the staff or entry level in the organization but also for a seasoned professional with limited exposure to S corporation taxation.
This course has been updated for the relevant provisions of the Tax Cuts and Jobs Act.
Upon successful completion of this course, the user should be able to:
identify qualifications of an S corporation,
recognize requirements for electing S corporation status,
recognize shareholder basis, coordination of Subchapter C and Subchapter S, and reporting pass-through income, and
identify process termination of S corporation status and corporate subsidiaries of S corporations.