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 versus 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 and rulings

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

FIELD OF STUDY
Taxes

PREREQUISITES
None

COURSE PRODUCER
Loscalzo Associates

CPE CREDITS
8.0

LEVEL
Intermediate
 

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