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WiseGuides Study Tools for Accounting and Tax Professionals (813-670-9473)

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Becoming an S Corporation

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Product Description

Delivery: Text Based
Instructor: WiseGuides
Credit Hours: 3
Field of Study: Federal Tax
Approval: IRS, CTEC
Course Description:
After completing the course you will be able to:
 Identify the requirements to qualify for S-Corporation status
 Identify who can be an eligible shareholder of an S-Corporation
 Identify requirements that must be met in order to qualify for late S-Corporation election relief
 Identify rules for filing Form 1128
 Identify the rules regarding the waiting period for a Corporation to again become an S-
Corporation after it was terminated
 Identify rules for filing Form 2553
 Identify Separately and Nonseparately Stated Items
 Determine how an S-Corporation treats items of income and losses
 Identify when an S-Corporation must make estimated tax payments
 Identify items included in an S-Corporation's gross receipts
 Identify passive investment income
 Figure a shareholder's allowable loss applying the loss limitation rules
 Determine the net unrealized built-in gain and loss
 Determine what rate of tax is used to figure the net recognized built-in gain of the S-Corporation
for the tax year

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