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S Corporation Core Tax Issues From Formation Through Liquidation (Z1-SCTI-2023-01-SSWC)

400 Minutes
On demand - Video

On Demand - Video

8 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

PRICING

$199.00 - Member

$219.00 - Nonmember

ADDITIONAL OPTIONS

Remind me to register

Print a registration form

COURSE DEVELOPER

Surgent

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