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Secure Transaction CPE Credits
1 Credits: Taxes
Course Level
Basic
Format
Self-Study Video
Course Description
This course was filmed live at the 2023 New Money Summit.
The S corporation continues to be the most popular tax form for business entities in the U.S. However, this tax status has several traps for the unwary. Tax professionals need to anticipate situations which might be troublesome for S corporation and shareholder clients. There are special problems in which an unincorporated entity, such as a limited liability company, elects to be an S corporation for tax purposes. In 2022 the IRS issued a streamlined procedure whereby certain of these entities can correct provisions in their operating agreements which might cause these associations to be in violation of Subchapter S rules.
This program explains the areas of exposure for S corporations in eligibility for pass-through entity status, and explains some audit issues that might subject an S corporation and its shareholders to adjustments and penalties. The session also explains important rules for correcting faults in an S corporation’s operation and ownership.
Learning Objectives
Upon completion of this course, participants will be able to:
- Be aware of the most frequent causes for invalidation of S corporation status.
- Apply remedies appropriate to the time frames for repairing violations of Subchapter S.
- Discern the issues that attract the most attention in IRS examinations of S corporations
- Evaluate strategies for protecting S corporations and their shareholders.
- Advise clients of “dos and don’ts” concerning S corporations.
Course Specifics
SSVID824366840
January 17, 2024
None
None
Compliance Information
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02418-24-S
IRS Federal Tax Law Credits: 1
CTEC Course Number: 2071-CE-1986
CTEC Federal Tax Law Credits: 1
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
CTEC Notice: California Tax Education Council DOES NOT allow partial credit, course must be taken in entirety. Western CPE has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone toll-free at (877) 850-2832, or on the Internet at www.ctec.org.
Meet The Experts
Robert “Bob” W. Jamison, CPA, Ph.D., is Professor Emeritus of Accounting at Indiana University, Purdue University, Indianapolis (IUPUI). His principal area of specialization is S Corporations. He is the sole author of S Corporation Taxation, and co-author of Multistate Tax Guide to Pass-Through Entities, both of which are published annually by CCH, a Wolters Kluwer business. He is the author of the 2022 edition of Essentials of Federal Income Taxation, published annually by CCH, a Wolters Kluwer business. Bob is a well-known author and speaker on S Corporations. He is curator of Wolters Kluwer Answerconnect Topic “S Corporations” and subtopics …
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