S Corporation Tax Guide (CPE Course)

CPE Credit: 2.5 hours

Course Type: Downloaded PDF materials with online test

Price (with PDF Textbook): $30

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Course Description
Many company owners want to reduce their income taxes and be shielded from creditor claims. A good way to do this is with the S corporation structure. In the S Corporation Tax Guide course, we discuss the advantages and disadvantages of S corporations, as well as how their income and losses are passed through to shareholders, how to handle deductible expenses, shareholder basis issues, distributions to shareholders, the sale of S corporation stock, tax planning, and much more. In short, this course presents a compact discussion of the essential issues related to S corporations.

Author: Steven Bragg

Course Number: TX1027

IRS Program Number: 72821-T-00059-23-S

Learning Objectives

  • Recognize the advantages and disadvantages of using the S corporation structure.

  • Specify the requirements for adopting the S corporation structure.

  • Identify the types of trusts that can invest in an S corporation.

  • Recognize all aspects of the election process to become an S corporation.

  • Identify the requirements to re-qualify as an S corporation after the original status was terminated.

  • Recognize how the various deductions are treated by an S corporation.

  • Specify how the startup expenses of an S corporation are treated.

  • Identify the circumstances under which an S corporation can be directly liable for income taxes.

  • Recognize the components of passive investment income.

  • Specify how pass-through income, losses, and so forth are allocated to shareholders.

  • Specify the reason why the accumulated adjustments account is maintained by an S corporation.

  • Identify the tax treatment of an S corporation liquidation.

Level: Overview

Instructional Method: QAS Self-Study

NASBA Category: Taxes

Prerequisites: None

Advance Preparation: None

Latest Review Date: May 2024

Program Registration Requirements: Click on "Purchase Course" near the top of this page to pay for and access the course. You will then be able to download the course as a PDF file, then take an on-line examination, and then download a certificate of completion if you pass the examination.

Program Refund Policy: For more information regarding administrative policies concerning complaints, refunds, and other matters, see our policies page.

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AccountingTools, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

The NASBA sponsor identification number for Accountingtools, Inc. is 115881.

AccountingTools is an IRS Approved Continuing Education Provider. We are compliant with the requirements for continuing education providers (as described in sections 10.6 and 10.9 of the Department of Treasury’s Circular No. 230 and in other IRS guidance, forms, and instructions). Our IRS Approved Continuing Education Provider number is 72821.