S Corporations: Tax Compliance, Elections & Best Practices

Overview

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. 1361 and 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