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Surgent's S Corporation Core Tax Issues From Formation Through Liquidation

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Online/Webcast

8.00 Credits

Member Price $279.00

Non-Member Price $379.00

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Overview

As experienced staff members master the preparation intricacies of an 1120-S 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.

  • Speaker - Sue Smith, CPA

    • Highlights

    • What exactly is terminating S corporations, including recent rulings
    • Schedules K-2 and K-3 reporting requirements and filing exceptions
    • 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
    • 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?

    Prerequisites

    Basic knowledge of and experience with S corporation taxation

    Designed For

    Experienced Accounting and Financial Professionals desiring a comprehensive case approach to understand reasonably complex S corporation issues and problems; also, Accounting and Financial Professionals who want a comprehensive, intermediate-level S corpo

    Objectives

    • 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

    Preparation

    None

    Non-Member Price $379.00

    Member Price $279.00

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