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S Corporation Formation Issues: Issuing Stock, Eligible Shareholders, Selecting a Year-End and Accounting Method

A live 110-minute CPE webinar with interactive Q&A

This program is included with the Strafford CPE Pass. Click for more information.
This program is included with the Strafford CPE+ Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Tuesday, May 7, 2024

1:00pm-2:50pm EDT, 10:00am-11:50am PDT

or call 1-800-926-7926

This webinar will provide tax practitioners and business owners with a comprehensive overview of the tax issues that arise when forming a Subchapter S corporation. Our panel of pass-through experts will guide you through the shareholder eligibility requirements, issuing common stock, filing Form 2553, and selecting a year-end and accounting method.

Description

S corporations are corporations and, as such, must adopt bylaws, issue stock, and hold board meetings. Unlike other pass-through entities, they can provide a path to limit self-employment tax paid by owners, and as long as IRS parameters are met, S corporation stock can be easily sold or transferred. Shareholders and their advisers must address operational issues initially to avoid future remorse. Most S corporations can choose to use the cash or accrual method of accounting. This decision significantly impacts the amount of tax paid by the shareholders annually. S corporations are permitted to elect a fiscal year-end, which impacts all tax return filings. Perhaps most important consideration is ensuring the S corporation election is properly made and filed. Without acceptance, an S corporation could be taxed as a C corporation negating the desired benefits of Subchapter S status.

Listen as our specialized panel of S corporation experts points out the primary considerations of forming an S corporation to ensure the advantages of S status are preserved and future operational issues are avoided.

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Outline

  1. S corporation formation issues
  2. Benefits and caveats of S corporation status
  3. Eligibility
  4. Accounting methods
  5. Year-end selection
  6. Filing the S election
  7. Stock issuance and requirements
  8. Paying the owners
  9. Incorporation of an LLC or partnership
  10. The “check the box” association election for an LLC or partnership
  11. Other considerations

Benefits

The panel will cover these and other critical issues:

  • What forms and registrations do most states require for S corporations?
  • When should an S corporation consider a fiscal year end?
  • What individuals and entities are eligible to be S corporation shareholders?
  • What are the stock requirements and restrictions for S corporations?

Faculty

Jamison, Robert
Professor Robert W. Jamison, CPA

Professor Emeritus of Accounting
Indiana University

Mr. Jamison is Professor Emeritus of Accounting at Indiana University, Purdue University, Indianapolis (IUPUI). His...  |  Read More

Additional faculty
to be announced.
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