Webinar

S Corporations: Tax Compliance, Elections and Best Practices

If you have questions about this event, please call us at 952-831-2707.

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This comprehensive course covers the most common aspects and tax implications of S Corporations, providing a deep dive into their structure, tax treatment, and compliance requirements. Participants will learn the mechanics of electing Subchapter S status, with discussions on Form 2553 and relief options for late filings. The course also explores the application of Rev. Proc. 2022-19 and Rev. Proc. 2023-3, analyzing their differences and implications under I.R.C. Section 1361 and Section 1362. Key topics include corporate formalities, shareholder stock and debt basis, and highlights of Form 1120S and its schedules (K-1, K-2, and K-3). Additionally, participants will gain insights into officer reasonable compensation requirements, audit strategies, and corrective measures for eligibility errors.

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

• Subchapter S status election and compliance requirements
• Relief for late Form 2553 filings under Rev. Proc. 2022-19
• Comparison of Rev. Proc. 2022-19 and Rev. Proc. 2023-3
• I.R.C. Section 1361 and Section 1362 analysis for S Corporation elections
• Corporate governance and formalities compliance
• Shareholder stock and debt basis rules
• Built-in capital gains and other aspects of Form 1120S
• Schedules K-1, K-2, and K-3 preparation and reporting requirements
• Officer reasonable compensation: requirements, advisory strategies, and audit defenses
• S Corporation eligibility errors and corrective measures

Learning objectives

• Compare S Corporations to other entity structures to assess suitability
• Prepare Form 2553 and explain relief options for late filings under Rev. Proc. 2022-19
• Differentiate between Rev. Proc. 2022-19 and Rev. Proc. 2023-3
• Analyze I.R.C. Section 1361 and Section 1362 in the context of S Corporation elections and compliance
• Identify and address S Corporation eligibility errors and implement corrective measures
• Understand and apply corporate governance procedures and corporate formalities
• Review shareholder stock and debt basis rules and implications
• Highlight critical aspects of Form 1120S, including built-in capital gains and accountable plans
• Discuss the preparation and reporting requirements for Schedules K-1, K-2, and K-3
• Explain officer reasonable compensation requirements, including advisory strategies and audit defenses

Who should take this program?

• CPAs, EAs, and tax professionals working with or advising S Corporations

Pricing

Our records indicate you are a nonmember. If you register, you will be charged $225.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.