- NY Credits : 4.0
- TX Credits : 4.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 4.0
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. 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.
Included with subscription(s):
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.