CPE Credits: 2
Course Level: Intermediate
Prerequisites: Basic knowledge of S corporation taxation
Advance Preparation: None
Fees: $49 for Members and $60 for Nonmembers
Summary
S corporations continue to be targeted for audits by the IRS. Between paying shareholders reasonable salaries and properly reporting fringe benefits to shareholder-employees, we have our hands full making sure we’re compliant in preparing S corporation returns. This webinar will cover some of the critical issues of S corporations as well as some common areas of confusion such as the accumulated adjustments account (AAA), other adjustments account (OAA) and previously taxed income (PTI). Converting a sole proprietorship to an S corporation as well as making the S corporation election for LLCs also will be covered.
Objectives:
Upon completion of this webinar, you will be able to:
- Discuss the impact of default LLC tax treatment versus making a corporate election.
- Evaluate automatic relief provisions available for late S corporation elections .
- Determine the reasonableness of a shareholder's salary.
- Report fringe benefits to S corporation shareholder-employees.
- Convert a sole proprietorship to an S corporation. Distinguish between AAA, OAA and PTI and properly report each one.
Presenter: Steven O'Rourke, EA