S Corporations: Overview
Wednesday, May 20, 2026
11 a.m.-1 p.m. Central
2 CPE (2 technical) | 2 IRS CE
Course code: 26WA-1895
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This course provides an overview of the key aspects and tax implications of S Corporations. Participants will learn the mechanics of electing Subchapter S status, compare S Corporations to other entity structures, and explore compliance requirements such as corporate formalities. Highlights include a detailed discussion of Form 1120S, accountable plans, taxable fringe benefits, officer reasonable compensation, and IRS audit strategies. The course also covers Schedules K-1, K-2, and K-3, as well as the concept of effectively connected income. Practitioners will gain practical insights into advisory services and strategies for representing clients before the IRS.
Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com.
Major subjects
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Overview of S Corporation election and compliance requirements
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Comparison of S Corporations with other business entities
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Preparing Form 2553 and addressing late filing relief
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Shareholder stock and debt basis considerations
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Form 1120S and Schedule K-1: key aspects and reporting requirements
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Officer reasonable compensation requirements and IRS audit strategies
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Introduction to Schedules K-2 and K-3
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Compliance with corporate formalities and taxable fringe benefits
Learning objectives
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Compare S Corporations with other entity structures to assess suitability.
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Prepare Form 2553, Election by a Small Business Corporation, for clients.
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Identify "reasonable cause" relief for late filing of Form 2553.
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Analyze shareholder stock and debt basis requirements.
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Highlight key components of Form 1120S and Schedule K-1.
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Discuss the requirements for officer reasonable compensation and its implications.
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Identify who is required to receive reasonable compensation.
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Apply facts and circumstances to advise clients on reasonable compensation.
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Develop strategies to defend reasonable compensation during IRS audits.
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Review the preparation of Schedules K-2 and K-3 for entity compliance.
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Understand the implications of effectively connected income for S Corporations.
Who should take this program?
- CPAs, EAs, and tax professionals working with or advising S Corporations
Pricing
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Standard Member Fee |
$79.00
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 Standard Nonmember Fee |
$79.00
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