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Monday, August 8, 2022 Live Webcast

S Corporation Core Tax Issues From Formation Through Liquidation Webinar (X1-SCTI-2022-01-WEBNR-220-01)

9:00 AM - 5:00 PM EDT
webcast

Vendor Platform

8.0 CPE Credits in TX

OVERVIEW

As experienced staff masters the preparation intricacies of an 1120S tax return, they are expected to understand and apply the underlying concepts, principles and laws governing S corporation status. This course is designed to illustrate in both theory and practice overarching principles that govern S corporations from formation to revocation, termination and liquidation. Experienced client-facing staff should be aware of the pitfalls that may inadvertently cause an S-status termination or may generate unintended tax consequences to shareholders.

DESIGNED FOR

Experienced CPAs who desire a comprehensive S corporation course that will enable them to understand reasonably complex S corporation problems and issues; also, CPAs who want a comprehensive, intermediate-level S corporation practice manual.

BENEFITS

  • What exactly is terminating S corporations, updated for recent rulings
  • Schedules K-2 and K-3 reporting requirements and transitional filing relief
  • Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations
  • Shareholder changes Living Trust and causes S termination
  • LLCs electing S status, changing agreement could terminate election
  • Basis calculation worksheet
  • Inherited a new client with reporting errors? What are my options?
  • Debt vs. equity and §385; Federal Express battled and won, how do we?
  • Are we to expect SECA tax on pass-through entities?
  • Shareholders losing "substance over form" argument
  • Basis neither increased by phantom income, nor reduced by non-deducted pass-through losses
  • Can I accrue expenses payable to a shareholder? Sure, but can I deduct them?
  • How §179 limitations affect S corp. basis
  • Comparison of liquidation of a C corporation vs. the liquidation of an S corporation
  • Did not timely file Form 2553? A simple method to correct
  • Is there a “flexible standard of law” in regard to closely held entities?

HIGHLIGHTS

  • Prepare more complicated S corporation returns
  • Understand certain advanced concepts of S corporation taxation
  • Protect S corporation clients from falling out of S corporation eligibility

COURSE LEVEL

Intermediate

PREREQUISITES

Basic knowledge of and experience with S corporation taxation

ADVANCE PREPARATION

None

INSTRUCTOR

Susan Smith

Susan Smith, CPA

Surgent Professional Education

Susan Smith manages her own firm specializing in tax planning for individuals and business owners and is also a frequent speaker at tax conferences. Smith was a Senior Manager in the tax departments of Price Waterhouse and Peat Marwick (the predecessor of KPMG). While at Price Waterhouse, she also held the national specialist designation for the real estate and partnership tax practices. During her time at Peat Marwick, Smith led the real estate and tax practices locally. She was an associate adjunct professor at Widener University in the master's taxation program. Her ratings have consistently exceeded 4.7 on a scale of 5.0. Smith is a two-time recipient of the James L. McCoy Discussion Leader of the Year Award for excellence in teaching. And in 2015 and 2016, she received the Surgent Outstanding Discussion Leader Award because of her consistently high evaluations for knowledge and presentation skills. Smith earned her Bachelor of Business Administration degree with an accounting concentration, from the University of Toledo.

PRICING

$279.00 - Member

$299.00 - Nonmember

Pre-Registration Closed

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ADDITIONAL OPTIONS

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COURSE DEVELOPER

Surgent