S Corporations: Key Issues, Compliance, and Tax Strategies - Tax Staff Essentials

Overview

Tax planning strategies for new businesses considering electing S corporation status, and the pros and cons of switching from a C corporation to an S corporation.

Prerequisites

None

Objectives

• Recognize when an S corporation may be advantageous for a business.
• Identify the potential disadvantages of operating as an S corporation.
• Identify permitted fiscal years, elections, and user fees.
• Recognize when the S election becomes effective.
• Identify shareholder consent rules and causes of invalid elections.
• Recognize events causing involuntary termination.
• Recall the path to making a new election after termination.
• Recognize when an S corporation is subject to tax at the entity level.

Highlights