S Corporations—Advanced Issues | 4194112E

Date :
November 8, 2019 6:00 AM - 1:30 PM
Location :
Webcast
Facility :
Webcast Event
Level of Difficulty :
Intermediate
Member Price :
295.00
Nonmember Price :
400.00
CPE Credits :
CPE 8.00
Show tabs
Though a popular entity form, S corporations present many unique traps that advisers must be aware of. From advising the client as to the appropriateness of an S election, to proper preparation of the Form 1120S and Schedule K-1, to liquidation of the S corporation, this program provides thorough coverage of Subchapter S. Related knowledge needed to serve the S corporation client and its owners, including comprehensive coverage of any tax law changes and their planning implications.

Objectives:

Participants will be able to: • Recognize when an S election is the best tax plan taking into account the 21% C corporation rates
• Use trusts, non-voting shares, and other planning tools to reduce taxes
• Establish and defend reasonable compensation for S corporation shareholder/employees, • Minimize income subject to the 3.8% Medicare Tax
• Account for S corporation revocations and terminations
• Reconcile AAA and shareholder basis
• Coordinate tax planning for the S corporation and owners
• Apply qualified business income deduction rules to S corporations

Major Subjects:

•    S Corp versus partnership or LLC—how many differences remain? • Impact of the qualified business income deduction added by the Tax Cuts and Jobs Act on the decision whether or not an entity should be an S corporation
• Making the election
• Determination of reasonable compensation
• Built-in gain, excess net passive investment income, and LIFO recapture
• Shareholder basis, AAA, OA, and retained earnings
• Coordination with Subchapter C, • Redemptions of stock
• Short tax periods
• S shareholding trusts
• Application of the net investment income tax to S Corporations
• Current S Corporation cases and rulings

Advanced Prep:

None

Misc. Information:

None
Level of Difficulty:
Intermediate
Field of Interest:
Taxes
Prerequisites:
General tax knowledge
Designed For:
Accounting and financial professionals with supervisory and tax planning responsibility who work with S corporations. May also be suitable for public practice.

Instructors

No Instructors listed.

Materials:

  • Materials - eBook