***This Course is being evaluated for updates and will be available soon.***

In part 1 of this course, we review the distinguishing factors of S Corporations. The accounting methods they are allowed to use, who can and cannot be a shareholder, the important elections that can be made, reporting issues, and compensation issues. The course describes how a S Election is made, and what can be done to rectify a faulty election, or in the worst case, what can be done when S status is lost due to a prohibited event. The importance of adequate compensation to officers is illustrated with several relevant court cases. Finally, we focus on the fringe benefit issues, particularly those which arose as the result of the ACA ("Obamacare") and the exceptions to the general rules that the IRS has granted.