CPE Credit: 4 hours

This 4-hour webcast is designed to provide tax professionals with a thorough review update and refresher of all pertinent information that can be packed into the time slot.

Topics Covered:

●What's new
●Reminder
●Purpose of form
●Making election with Form 2553
●Who must file
●Termination of election
●Electronic filing
●When to file
●Who must sign
●Paid preparer authorization
●Electronic deposit requirement
●Estimated tax payments
●Interest and penalties
●Accounting methods
●Accounting period
●Amended return
●Net investment income tax reporting requirements
●Various specific instructions including items and lines

Learning Objectives:

• Recognize uniqueness of S corporation
• Understand Form 2553 connection with election to be S corporation
• Be knowledgeable about selected aspects of Form 1120-S
• Caution as to IRS hot-button issue concerning self-employment compensation and S corporation
• Be able to become aware of situations requiring further research

Prerequisites

• Basic knowledge of Form 1120-S and related schedules
• Basic knowledge of the importance of appropriate due diligence when dealing with respect to preparation and filing per Circular 230.