S Corporations: Tax Planning 2024

Overview

Identify and discuss various tax planning opportunities related to the operation of a corporate business with an S corporation election. Topics range from annual recurring planning to unusual transactions, such as stock redemptions and the sale of the corporate business.

Highlights

• Overview of the taxation of corporations and shareholders, including making the S corporation election
• Built-in Gain Tax Planning
• Self-employment tax and S corporations
• Distribution tax planning
• Planning to minimize the impact of loss limitations
• Tax planning for years with both distributions and losses
• Termination Planning
• Tax planning regarding the transfer of appreciated assets to an S corporation
• Buying and selling S corporations-tax planning ideas
• Tax considerations of using the QSUB, Section 338(h)(10), or 336(e) elections
• Tax Issues to consider at the death of S corporation shareholder
• Stock redemptions as a tax planning tool
• Accommodating a "non-qualified" investor
• Trusts and tax-exempt shareholders
• The second class of stock risks

Prerequisites

Understanding the basics of S corporation federal tax law.

Designed For

CPAs

Objectives

• Identify built-in gain tax planning
• Understanding how to plan to minimize the impact of the loss limitation rules
• Determining the tax considerations related to buying or selling an S corporation
• Identifying tax planning opportunities at the death of the shareholder of an S corporation
• Determine how to minimize tax related to the distribution
• Tax planning ideas related to transfers of property to S corporation for stock

Preparation

None

Notice

This course is offered by a 3rd party vendor. Login instructions will not be accessible in the My CPE Tracker section of the ISCPA website. Login instructions will be emailed directly to you by California Education Foundation (CalCPA).