S Corporations – Overview
Total Credits: 2 including 2 Taxes - Technical
- Average Rating:
- Not yet rated
- Categories:
- ACPEN Industry Institute | Tax | IRS Approved
- Faculty:
- Mary Jane Hourani, MM, EA
- Course Levels:
- Intermediate
- Duration:
- 2 Hours
- License:
- Product Setting: Expires 30 day(s) after program date.
Description
This course provides an overview of the key aspects and tax implications of S Corporations. Participants will learn the mechanics of electing Subchapter S status, compare S Corporations to other entity structures, and explore compliance requirements such as corporate formalities. Highlights include a detailed discussion of Form 1120S, accountable plans, taxable fringe benefits, officer reasonable compensation, and IRS audit strategies. The course also covers Schedules K-1, K-2, and K-3, as well as the concept of effectively connected income. Practitioners will gain practical insights into advisory services and strategies for representing clients before the IRS.
*Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com
Basic Course Information
Learning Objectives- Compare S Corporations with other entity structures to assess suitability.
- Prepare Form 2553, Election by a Small Business Corporation, for clients.
- Identify “reasonable cause” relief for late filing of Form 2553.
- Analyze shareholder stock and debt basis requirements.
- Highlight key components of Form 1120S and Schedule K-1.
- Discuss the requirements for officer reasonable compensation and its implications.
- Identify who is required to receive reasonable compensation.
- Apply facts and circumstances to advise clients on reasonable compensation.
- Develop strategies to defend reasonable compensation during IRS audits.
- Review the preparation of Schedules K-2 and K-3 for entity compliance.
- Understand the implications of effectively connected income for S Corporations.
Major Subjects
- Overview of S Corporation election and compliance requirements
- Comparison of S Corporations with other business entities
- Preparing Form 2553 and addressing late filing relief
- Shareholder stock and debt basis considerations
- Form 1120S and Schedule K-1: key aspects and reporting requirements
- Officer reasonable compensation requirements and IRS audit strategies
- Introduction to Schedules K-2 and K-3
- Compliance with corporate formalities and taxable fringe benefits
Course Materials
| Important CPE Credit Instructions_READ BEFORE WEBCAST UPDATED (442.7 KB) | Available after Purchase | ||
| IRS Credit Request Form (267 KB) | Available after Purchase | ||
Faculty
Mary Jane Hourani, MM, EA Related Seminars and Products
Mary Jane has been practicing since 1993, working for a couple larger Tax, Accounting, & Audit Firms in before transitioning to her own practice in 2005.
Mary Jane has a Master of Management from Walsh College of Accountancy and Business Administration as well as a Bachelor of Science from Eastern Michigan University in Public Administration with a focus in Organizational Development and Governmental Accounting.
She is credentialed as an Internal Revenue Service Enrolled Agent, allowing her to practice before the IRS. With this credential, she has direct oversite by the IRS Office of Professional Responsibility. She is also a National Association of Enrolled Agents NTPI Fellow.
Mary Jane has been an Instructor of Tax for Michigan State University Tax School since 2008 as well as a speaker for several trade organizations since 2005.
Mary Jane has been a Contributing Editor and Contributing Author of the National Tax Workbook for the Land Grand University Tax Education Foundation since 2009. She writes and compiles tax course packs used by Michigan State University Tax School and other trade organizations. She is a former H&R Block Instructor/Trainer.
Mary Jane is a member of the National Association of Enrolled Agents, Michigan Association of Certified Public Accountants, National Association of Tax Professionals, American Institute of Professional Bookkeepers, and is a QuickBooks ProAdvisor.
Dates
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Tue, Jun 03, 2025 - 10:00am to 12:00pm EDT
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Tue, Jun 24, 2025 - 02:00pm to 04:00pm EDT
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Wed, Jul 16, 2025 - 12:00pm to 02:00pm EDT
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Tue, Aug 05, 2025 - 10:00am to 12:00pm EDT
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Tue, Aug 26, 2025 - 02:00pm to 04:00pm EDT
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Wed, Sep 17, 2025 - 12:00pm to 02:00pm EDT
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Fri, Oct 03, 2025 - 10:00am to 12:00pm EDT
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Fri, Oct 24, 2025 - 02:00pm to 04:00pm EDT
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Wed, Nov 19, 2025 - 12:00pm to 02:00pm EST
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Wed, Dec 03, 2025 - 10:00am to 12:00pm EST
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Wed, Dec 24, 2025 - 02:00pm to 04:00pm EST
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Wed, Jan 21, 2026 - 12:00pm to 02:00pm EST
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Tue, Feb 03, 2026 - 10:00am to 12:00pm EST
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Tue, Feb 24, 2026 - 02:00pm to 04:00pm EST
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Wed, Mar 18, 2026 - 12:00pm to 02:00pm EDT
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Fri, Apr 03, 2026 - 10:00am to 12:00pm EDT
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Fri, Apr 24, 2026 - 02:00pm to 04:00pm EDT
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Wed, May 20, 2026 - 12:00pm to 02:00pm EDT
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Additional Info
Basic Course Information
Prerequisites NoneAdvanced Preparation None
Designed For CPAs, EAs, and tax professionals working with or advising S Corporations
Original Recording Date 06/01/25
Course Developer Werner-Rocca Seminars
Date Added to Catalog 05/01/25
Yellow Book
No
Additional Information
Complaint Resolution PolicyPlease contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
Official Registry Statement
Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org
Instructional Delivery Method
Group Internet Based
Course Registration Requirements
Online Registration
Refund/Cancellation Policy
Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.