S Corp: Compliance & Status Matters, Tax Savings, PTET, & Other Regulations
Author: Jane Ryder
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2028 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
This course reviews compliance, reporting, and tax savings matters for S corporations. Learn best practices for shareholder loans, reasonable compensation, shareholder health insurance, expense reimbursement plans, shareholder home office expenses, and more. Also, tax planning for S corp shareholders, hiring spouses and children, PTET elections, and pension plans. Consider strategies for converting from a C corp to an S corp, valid S elections for LLCs, distributing assets to shareholders, special elections for existing shareholders, and inherited S corp stock.
Publication Date: January 2025
Topics Covered
- S Corp year end planning worksheet
- S corp elections and C corps or LLCs electing S corp status
- Reasonable compensation and health insurance compliance for S corps
- S corp shareholder reimbursement plans
- S corp basis and Form 7203
- Tax treatment of assets held in S corporations
- Tax savings of S corps
Learning Objectives
- Explain pros, cons, and tax savings of S corps to clients
- Identify important compliance matters and tax pitfalls unique to S corps
- Explain how to handle late S corp elections and late filing penalties with ease
- Identify best practices for helping clients understand and comply with S corp regs
- Identify specific S corp opportunities and tax obligations for each client
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
