Webinar

LLC's and S Corps: A Comparative Analysis

---

This course provides an in-depth comparative analysis of Limited Liability Companies (LLCs) and S Corporations, focusing on their tax implications, compliance requirements, and operational structures. Participants will explore key aspects of entity formation, tax treatment, and compliance with corporate formalities. Topics include electing Subchapter S status, mechanics of Form 2553, and relief options for late filings under Rev. Proc. 2022-19. The course also highlights entity-specific tax forms, accountable plans, taxable fringe benefits, officer reasonable compensation, estate planning, business continuation planning, and audit strategies. Additionally, participants will review Schedules K-1, K-2, K-3, and effectively connected income for both entity types. 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

• Comparative analysis of LLCs and S Corporations.
• Entity formation, compliance, and operational structures.
• Self-employment tax and its implications for LLCs and S Corporations.
• Form 2553 preparation and relief for late filings.
• Rev. Proc. 2022-19 and Rev. Proc. 2023-3: analysis and application.
• S Corporation eligibility errors and corrective measures.
• Corporate governance and formalities for both entity types.
• Shareholder stock and debt basis for S Corporations.
• Forms 1120S, 1065, and related schedules (K-1, K-2, K-3).
• Officer reasonable compensation and general partner guaranteed payments.
• Audit strategies, estate planning, and business continuation planning.

Learning objectives

• Compare and contrast LLCs and S Corporations to determine suitability for various clients.
• Provide a general overview of LLC structures and their tax implications.
• Discuss the interplay of LLCs and S Corporations with self-employment tax.
• Prepare Form 2553 for electing Subchapter S status and identify relief options for late filings.
• Analyze Rev. Proc. 2022-19 and Rev. Proc. 2023-3, and understand their differences and applications under I. R. C. Section 1361 and Section 1362.
• Identify and address S Corporation eligibility errors and implement corrective measures.
• Review corporate governance procedures and compliance requirements for LLCs and S Corporations.
• Examine shareholder stock and debt basis for S Corporations.
• Highlight key aspects of Forms 1120S, 1065, and related schedules (K-1, K-2, K-3).
• Discuss officer reasonable compensation and general partner guaranteed payment requirements.
• Apply facts and circumstances in advisory services to determine reasonable compensation.

Who should take this program?

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

Pricing

Our records indicate you are a nonmember. If you register, you will be charged $169.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.

---

Related programs

Aug. 19, 2026 | Tax Fundamentals of LLCs and Partnerships: Tax Staff Essentials | Webinar

Aug. 25, 2026 | Partnership and LLC (Form 1065): Formation to Liquidation | Webinar

Aug. 25, 2026 | Partnership and LLC (Form 1065): Formation to Liquidation | Webinar

Aug. 25, 2026 | Financial and Tax Accounting for Partnerships and LLCs | Webinar

Aug. 26, 2026 | Partnership/LLC Taxation: Tax Basis Capital Accounts | Webinar

---

Related products

Surgent's Advanced Critical Tax Issues for Limited Liability Companies and Partnerships | Self-Study (Downloadable PDF)

Surgent's Advanced Critical Tax Issues for Limited Liability Companies and Partnerships | Self-Study (On-Demand)

Surgent's Advanced Partnership/LLC Workshop: How to do Optional Step-Up in Basis Under Section 754 and Related Provisions | Self-Study (Downloadable PDF)

Surgent's Guide to Partner Capital Account Reporting | Self-Study (On-Demand)

Surgent's Limited Liability Companies: Losses, Liquidations, Terminations, Continuations and Sales | Self-Study (Downloadable PDF)

---