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S-Corps Certificate Program: Introduction to S-Corps
IRS Program #: X9QQU-T-00899-22-O
CTEC #: 6257-CE-0092
CE: 2 IRS CE credits & 2 CTEC credits
Speakers: Iris K. Palma, J.D; Thomas J. Williams, EA
Upon receiving an approved IRS election, the S-corporation tax classification allows the taxpayer to pass through its income, expenses, credits, and losses to the shareholders. In this presentation, we will provide a review of essential elements and limitations. Plus, we’ll show you how to comprehend and communicate the advantages and disadvantages of subchapter “S” corporations from a tax standpoint.
In this class, you’ll learn how to:
- Review election criteria, including eligible shareholders
- Define reasonable compensation
- Identify taxable and non-taxable distributions
- Apply for late election relief
- Verify late filing penalties