Surgent's S Corporation Core Tax Issues From Formation Through Liquidation
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.
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
Notice
This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by Surgent Professional Education.
Leader(s):
Leader Bios
Susan Smith, Surgent Professional Education
Susan Smith, CPA, manages her own firm specializing in tax planning for individuals and business owners. Smith spent 14 years as a Senior Manager in the tax departments of Price Waterhouse and Peat Marwick. She is a frequent speaker at tax conferences and has been an associate adjunct professor at Widener University in the master’s in taxation program. Her ratings have consistently exceeded 4.5 on a scale of 5.0.
Non-Member Price $329.00
Member Price $279.00