S Corporations Part 1: Converting C Corps to S Corps (Currently Unavailable)
Author: Greg White
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Join Greg White, CPA, as he takes a deep dive into the cost of converting a C corporation to an S Corporation. We’ll discuss whether to choose S corp or C corp status. We’ll cover steps to help you avoid loss of S corporation status. We’ll also cover the special considerations for stock held by estates or trusts of deceased shareholders.
Publication Date: June 2021
Topics Covered
- Cost of converting a C corporation to an S corporation
- Maintaining eligibility of an S corporation
- Choosing the best type of corporation for your client
- Special rules for stock owned by estates and trusts
Learning Objectives
- Recognize how to compute the cost of converting from C corp to S corp status
- Identify new ways to avoid loss of S corporation status
- Identify the considerations involving stock held by estates and trusts, including elections (QSST and ESBT)
- Identify the corporate tax rate for personal service corporations
- Identify the number of practitioners that expect to convert to S Corps as compared to converting to C Corps
- Describe correct statements related to accumulated earnings tax
- Recognize how many levels of tax S corps generally have, unless there are built-in gain
- Describe correct statements regarding the American Jobs Plan
- Identify what can normally qualify as an S Corp
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
