Tax Essentials & S Corporation deep dive

Building your skills in individual taxation planning

Building a strong set of core skills is necessary across all areas of individual client service. You’ll learn ways to use concepts during tax planning to reduce taxes for individual clients by examining basic and intermediate topics, including:

• Income
• Deductions
• Credits
• Passive losses

Tips to help clients maximize their tax benefits

You’ll pick up tips to advise clients on the tax implications of the following:

• Sales of capital gain assets
• IRA conversions
• Self-employment

Updated for the latest in tax legislation, regulation, and judicial decisions

Tax Staff Essentials courses are updated regularly to cover topical issues in taxation, including the effects of H.R. 1, commonly referred to as OBBBA.

Select updates include:

• New deductions for tipped income, overtime income, car loan interest, and seniors
• Trump accounts and the pilot contribution credit
• Changes to charitable contribution deduction rules
• Revisions to various tax credits

Courses in this series include:

• Individual Tax Fundamentals, a basic-level course
• Intermediate Individual Taxation, an intermediate-level course

Each of these courses may be purchased individually or as part of this bundle.

Who Will Benefit

CPAs working with individual tax clients

Key Topics

• Standard and itemized deductions
• Tax credits
• Roth IRA, IRA, and retirement plan options
• H.R. 1, including Trump accounts and deductions for seniors, tips, overtime, and car loan interest
• Section 199A qualified business income deduction
• Gains and losses on property transactions
• Hobby losses
• Depreciation and amortization

Learning Outcomes

• Identify individual retirement account (IRA) and qualified plan distributions.
• Recall how health savings accounts (HSAs) work.
• Recall the general rules of the self-employed health insurance deduction.
• Recall the deductibility of charitable contributions.
• Determine whether an activity is passive or active.
• Determine the proper accounting method allowed for a business entity.
• Determine the amounts allowable for deducting travel and transportation expenses.
• Identify income categories and entity types that qualify for the qualified business income (QBI) deduction.

S corporation taxation, from basic to advanced

You’ll learn both basic and advanced S corporation concepts. You also learn to apply those concepts during tax planning to reduce taxes for small business clients.

Courses in this series include:

• S Corporations: Key Issues, Compliance, and Tax Strategies, a basic-level course
• Advanced Tax Planning S Corporations, an advanced-level course
• Tax Planning for Small Businesses, an intermediate-level course

Each of these courses may be purchased individually or as part of this bundle.

Updated for the latest in tax legislation, regulation, and judicial decisions

Tax Staff Essentials courses are updated regularly to cover topical issues in taxation, including the effects of H.R. 1, commonly referred to as OBBBA.

Step back and assess the S corporation status

Not all entities are fit for S corporation status. Through the series, you encounter situations where the S corporation election is and is not advantageous for a business. You also learn:

• Requirements to elect S corporation status
• Ongoing requirements to maintain S corporation status
• Termination of S corporation status, voluntarily or involuntarily

The course also discusses core matters related to S corporations:

• Compensation to shareholder-employees
• Pass-through income and distributions
• Basis
• Passive losses
• Fringe benefits

Who Will Benefit

Tax professionals seeking in-depth training on S corporation income taxes

Key Topics

• Advantages and disadvantages of S corporations
• S corporation tax on built-in gains
• S corporation distributions
• Basis in S corporation stock
• Qualified subchapter S subsidiaries
• Section 199A and the qualified business income deduction
• Reasonable compensation
• Depreciation, including Section 179, bonus depreciation, and qualified production property

Learning Outcomes

• Recognize the advantages and disadvantages of S corporation status.
• Identify shareholder consent rules and causes of invalid elections.
• Recognize events causing involuntary termination.
• Recognize when an S corporation is subject to tax at the entity level. -Interpret the rules relating to the adjustment of basis in stock by S corporation shareholders.
• Apply the rules relating to qualified Subchapter S subsidiaries (QSubs).
• Differentiate the advantages available for small businesses based on entity type.
• Determine the tax implications of loans to and from owners of a business.