CPA, EA Exam Prep, US Business Tax Preparation S Corporation

CPA, EA Exam Prep, US Business Tax Preparation – S Corporation, Pass Through Entity

Master the complexities of S Corporation taxation with this comprehensive course designed for professionals with a background in taxation. Whether you’re a tax preparer, accountant, or financial advisor, this course provides in-depth insights into the critical aspects of S Corporations under US business taxation laws.

What You’ll Learn:

– Overview of S Corporations: Understand the structure, benefits, and unique characteristics of S Corporations.

– Eligibility Requirements: Learn the criteria for qualifying as an S Corporation and how to maintain compliance.

– Election, Termination, and Re-Election Processes: Step-by-step guidance on filing Form 2553, handling termination, and re-electing S Corporation status.

– Potential Taxes at the S Corporation Level: Explore built-in gains tax, passive income tax, and other potential liabilities.

– Shareholder Stock Basis: Master the calculation and tracking of shareholder stock basis to ensure accurate tax reporting.

– Accumulated Adjustments Account (AAA): Learn how AAA impacts distributions and tax planning.

– Non-Cash Distributions: Understand the tax implications of distributing property or assets to shareholders.

– Schedule K-1 Reporting: Dive into the role of Schedule K-1 in reporting income, deductions, credits, and more to shareholders.

Course Content:

1. Overview of S Corporations: Key concepts, benefits, and structure.

2. Eligibility, Election, Termination, and Revocation: Detailed processes and timelines.

3. Shareholder Schedule K-1: Reporting income, gains, deductions, and credits.

4. Taxes at the S Corporation Level: Built-in gains, passive income, and other liabilities.

5. Shareholder Stock Basis and Distributions: Calculations, adjustments, and tax implications.

6. Accumulated Adjustments Account (AAA): Impact on distributions and tax planning.

Why Enroll?

This course is tailored for taxation professionals seeking to enhance their expertise in US business taxation and S Corporations. With practical examples, clear explanations, and actionable insights, you’ll gain the confidence to navigate complex tax scenarios and provide value to your clients or organization.