Course ID: SCAI

S Corporations: Advanced Issues

From advising your 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 code sections, regulations, rulings and court decisions are included and/or cited and explained. All the special knowledge you need to serve the S corporation client and its owners. Comprehensive coverage of any tax law changes and their planning implications is an important part of this program.


LEARNING OBJECTIVES
  • ? Recognize when an S election is the best tax plan ? 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 ? Eliminate federal income tax with ESOP ownership

MAJOR TOPICS

? S Corp vs Partnership or LLC: How many differences remain? ? 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 ? Estate planning for S corporation Shareholders ? Application of the net investment income tax to S corporations ? Current S corporation cases & rulings


DESIGNED FOR
CPAs with supervisory and tax planning responsibility who work with S corporations

FIELD OF STUDY
Taxes

PREREQUISITES
None

COURSE PRODUCER
Nichols Patrick CPE, Inc

CPE CREDITS
8.0

LEVEL
Intermediate

This course is available for your group as:

Group Live
 

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