Cyber Security Federal Compliance. Cybersecurity National Institute of Standards and Technology. Organizations must exercise due diligence in managing information security and privacy risk. This
is accomplished, in part, by establishing a comprehensive risk management program that uses
the flexibility inherent in NIST publications to categorize systems, select and implement security
and privacy controls that meet mission and business needs, assess the effectiveness of the
controls, authorize the systems for operation, and continuously monitor the systems. Exercising
due diligence and implementing robust and comprehensive information security and privacy risk
management programs can facilitate compliance with applicable laws, regulations, executive
orders, and governmentwide policies. Risk management frameworks and risk management
processes are essential in developing, implementing, and maintaining the protection measures
necessary to address stakeholder needs and the current threats to organizational operations
and assets, individuals, other organizations, and the Nation. Employing effective risk-based
processes, procedures, methods, and technologies ensures that information systems and
organizations have the necessary trustworthiness and resiliency to support essential mission and
business functions, the U.S. critical infrastructure, and continuity of government. Revision 5 of this foundational NIST publication represents a multi-year effort to develop the
next generation of security and privacy controls that will be needed to accomplish the above
objectives. It includes changes to make the controls more usable by diverse consumer groups
(e.g., enterprises conducting mission and business functions; engineering organizations
developing information systems, IoT devices, and systems-of-systems; and industry partners
building system components, products, and services). The most significant changes to this
publication include:
• Making the controls more outcome-based by removing the entity responsible for satisfying
the control (i.e., information system, organization) from the control statement;
• Integrating information security and privacy controls into a seamless, consolidated control
catalog for information systems and organizations;
• Establishing a new supply chain risk management control family;
• Separating control selection processes from the controls, thereby allowing the controls to be
used by different communities of interest, including systems engineers, security architects,
software developers, enterprise architects, systems security and privacy engineers, and
mission or business owners;
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This video provides an overview of the tax rules for S corporations in the United States. An S corporation is a business entity type that provides the limited liability of a corporation but is taxed as a flow-through entity (no double taxation like C corporations). Profits (or losses) of the S corporation flow through to shareholders and are taxed at the shareholder (but not corporate) level. An S corporation must be organized in a U.S. state. After creating a corporation, shareholders must file Form 2553 with the IRS to elect for the company to be treated as an S corporation. Not all corporations be an S corporation, and there are requirements based on the type of corporation, the number of shareholders, and types of shareholders. Income and deductions of an S corporation are allocated to an S corporation on a pro rata basis. In contrast to partnerships, special allocations (non pro rata) are not allowed. Distributions to shareholders are generally nontaxable to the extent the shareholder has basis, although distributions can be taxable if they exceed the shareholder's basis or if the distributions pertain to earnings and profits (E&P) accumulated by the corporation prior to its election to become an S corporation. A shareholder's basis is increased by capital contributions, share purchases, and the shareholder's pro rata share of income items, while the shareholder's basis is decreased by nontaxable distributions to the shareholder and the shareholder's pro rata share of deductions and losses (although the shareholder's basis can never go below zero). In contrast to partnerships, a shareholder's basis is not increased when the S corporation borrows money (unless the shareholder loans money to the S corporation). While S corporations are flow-through entities and are thus not subject to income tax, S corporations may be subject to taxes in certain situations. 0:00 Overview 0:33 What is an S corporation? 2:51 How to create an S corporation 3:40 Requirements to be an S corporation 8:01 Allocating income and deductions 11:19 Tax consequences of distributions 14:53 Calculating a shareholder's basis 17:13 Taxes on S corporations — Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education freely available to the world. — SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS, PLUS: • A 23-PAGE GUIDE TO MANAGERIAL ACCOUNTING • A 44-PAGE GUIDE TO U.S. TAXATION • A 75-PAGE GUIDE TO FINANCIAL STATEMENT ANALYSIS • MANY MORE FREE PDF GUIDES AND SPREADSHEETS * http://eepurl.com/dIaa5z — SUPPORT EDSPIRA ON PATREON *https://www.patreon.com/prof_mclaughlin — GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT * https://edspira.thinkific.com — LISTEN TO THE SCHEME PODCAST * Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725 * Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc * Website: https://www.edspira.com/podcast-2/ — GET TAX TIPS ON TIKTOK * https://www.tiktok.com/@prof_mclaughlin — ACCESS INDEX OF VIDEOS * https://www.edspira.com/index — CONNECT WITH EDSPIRA * Facebook: https://www.facebook.com/Edspira * Instagram: https://www.instagram.com/edspiradotcom * LinkedIn: https://www.linkedin.com/company/edspira — CONNECT WITH MICHAEL * Twitter: https://www.twitter.com/Prof_McLaughlin * LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin — ABOUT EDSPIRA AND ITS CREATOR * https://www.edspira.com/about/ * https://michaelmclaughlin.com