- 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 Updated
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. 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 basic level 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 which companies are or are not eligible to make the S corporation election,
identify the mechanics of the S Corporation election as well as its revocation and termination,
recognize the effect on the corporation of making the s corporation election,
identify how items are passed through the S corporation to shareholders,
identify which shareholders are eligible for the qualified business income deduction,
recognize which components of S corporation taxable income or loss affect the shareholders' basis for the S corporation stock, and
identify consequences of S corporation distributions to shareholders.