S Corporations: Key Issues, Compliance, and Tax Strategies - Tax Staff Essentials
Overview
New or existing clients and businesses need assistance with the most misunderstood areas of S corporations taxation and how they can use them to their advantage. Be prepared to explain the benefits and drawbacks of electing S corporation status and why business taxpayers may favor the pass-through entity over the C corporation. This course will give you the knowledge you need to speak effectively to potential business clients and existing shareholders about the S corporation business model that may work for them.
Highlights
Prerequisites
None
Designed For
public accounting firm staff and senior associates CPAs S corporation Tax filers
Objectives
- Determine when an S corporation may be advantageous for a business.
- Identify the potential disadvantages of operating as an S corporation.
- Identify the requirements that must be met to qualify as an S corporation.
- Recognize individuals and entities that are eligible to own S corporation stock.
- Determine when the S election becomes effective.
- Identify causes of voluntary and involuntary termination.
- Determine whether an S corporation is subject to tax.
- Determine income or loss that passes through to the shareholder.
- Identify situations in which a fiscal year is allowable.
- Recognize active and passive income
- Determine material participation.
Leader(s):
Leader Bios
Deborah Phillips, Surgent McCoy Self Study
Deborah A. Phillips, CPA, MST, operates her own tax controversy practice where she specializes in partnership and S corporation tax law as well as IRS audits and procedures. Debbie recently retired from the Large Business and International Division (LB&I) of the Internal Revenue Service (IRS), where she was a Senior Manager in the Flow Through Issue Practice Group (IPG). The IPG specializes in S corporation and partnership tax issues for LB&I. Debbie worked for the IRS for over 31 years, and she has extensive accounting and taxation knowledge of individual, corporate, and partnership federal tax returns. She was the Operations and Technical Assistant to the Deputy Commission International, the Technical Assistant to the Director of PFTG, a Territory Manager in the Retail, Food and Pharmaceuticals Industry, a Team Manager in the Heavy Manufacturing Industry, and the IRC Section 263A Technical Advisor. Debbie taught graduate and undergraduate courses in accounting and taxation as an adjunct faculty member at Delaware State University, Wilmington College, and Goldey-Beacom College. She has been a seminar presenter for over 17 years as well as a textbook author. Debbie earned her master’s degree in taxation from Widener University.
Non-Member Price $443.00
Member Price $352.00