- NY Credits : 10.0
- TX Credits : 10.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 10.0
This course explains the salient features of an S corporation. It will detail how to make an S corporation election, discuss revenue income from passive sources, identify allowable taxable years, and explain tax treatment. This course is most appropriate for the professional with detailed knowledge in S Corporations 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:
identify the requirements for S corporation status,
determine explain how the S corporation election is made,
identify taxation of the S corporation and other special rules,
determine adjustment to basis of stock and indebtedness of shareholders,
identify distributions by an S corporation, and
recognize termination and the allocation of income or loss items.