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S-Corporation taxation has lots of pieces. There are helpful elections you can make that can potentially save your client money. There are rigid rules to be adhered to. For example, if there is more than one class of stock, it can terminate the S-election. Learning how to successfully navigate these rules can make all the difference. In this course, we will be discussing some of the more common specialty areas experienced by practitioners – late filing relief for S-elections, disproportionate distributions, and selling S-Corporation shares. While these items may not come up on every single Form 1120-S, you will be able to add more value to clients when they do!

Field(s) of Study: Taxes
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    Learning Objectives

    • Recall the rules for a late S-election
    • Identify the tax implications of an S-Corporation making disproportionate distributions to S-Corp shareholders
    • Recognize the tax rate applicable to the sale of S-Corporation shares

    Level

    Intermediate

    Prerequisites

    Basic understanding of tax rules for flow-through entities

    Advanced Preparation

    None

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CAS professionals are an integral part of the operations of any CPA firm. As such, they must stay on top of changing tax law. In this course we will explore tax changes in the areas that CAS professionals are involved with – information reporting, payroll tax issues, and tax credit and deduction documentation. We will also discuss relevant changes on individual and business tax returns, so that CAS professionals will be able to better assist clients with tax needs throughout the year.


Field(s) of Study: Taxes
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    Learning Objectives

    • Identify information return and reporting issues
    • State areas of concern for the IRS and new tax developments
    • Recall trouble spots for clients and practitioners
    • Recognize new areas of tax regulation affecting clients and practitioners

    Level

    Update

    Prerequisites

    A basic understanding of federal taxation

    Advanced Preparation

    None

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