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***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.

Course Series

This course is included in the following series:

Learning Objectives
  • Identify the different types of separately stated S Corporation income items
  • Recognize the different types of year-ends and accounting methods
  • Identify the types of shareholders a S Corporation can have
  • Identify the various compensation and fringe benefit issues S Corporations have
Last updated/reviewed: August 17, 2023
2 Reviews (13 ratings)


Member's Profile
Good overview of taxation issues pertaining to S Corps. Fairly easy to follow.

Anonymous Author
This was a great course as an overview of the sub s corporation

Course Complexity: Intermediate

Participants should be aware of basic principles of income tax,  some familiarity with S Corporations will be helpful.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
  Introduction to Taxation Aspects of S Corporations Part I3.:44
  Tax Cut and Job Cut (2017) Impact5:24
  Penalties and Accounting Method4;31
  Ownership of Other Entities3:29
  S Corp Eligibility and Elections11:55
  Making The Elections8:41
  Operations - S Corporations13:03
  S Corp Compensation13:40
  Taxation of S Corporations and their Shareholders Part I1:04:14
Supporting Materials
  Slides: Taxation of S Corporations and their Shareholders Part IPDF
  Taxation of S Corporations and their Shareholders Part I Glossary/IndexPDF