Surgent's Advanced Critical Tax Issues for S Corporations

Overview

This course goes beyond the basics and addresses important practical issues that an experienced practitioner must know. Even if you have attended other S corporation courses, you will learn something new in this course.

Highlights

• Final regulations on “eligible terminated S corporations” (ETSCs)
• Cases, rulings, and tax law changes affecting S corporations
• Compensation planning in S corporations, including limitations in a family-controlled business; self-employment tax issues, including IRS efforts to address underreporing of S corporation officer compensation
• Use of redemptions: still some advantages
• Planning for the liquidation of an S corporation
• Tax issues for family ownership of S corporation stock
• Impact of the tax on net investment income on sales of S corporation stock
• Stock basis: Loss limitations, AAA, and distribution issues in depth
• Debt basis: what the regulations on back-to-back loans mean to investors
• Estate planning for S corporation shareholders, including buy-sell agreements, QSubs, ESBTs, and uses of life insurance
• Built-in gains: the 5-year recognition period
• S corporation structuring: one class of stock
• Methods of accounting
• Legislation on mortgage interest reporting, basis, statute of limitations, and tax return due dates

Prerequisites

A basic course in S corporations; some experience in advising S corporations and their shareholders

Designed For

All practitioners and controllers who have attended a basic S corporation course and want to understand more complex issues and their practical implications

Objectives

• Understand how stock basis, AAA, and other limitations are determined
• Appreciate how corporation planning can be used in an S corporation to change the effects of the one-class-of-stock rule
• Understand what S corporation issues are being debated with the Service, settled in courts, and guided by administrative decisions

Preparation

None