Description

Intricacies of the S corporation form

S corporations represent a special tax structure with unique rules and limitations. For those who've mastered the basics of the S corporation form, this course delves into advanced matters related to the ever-popular form:

- Basis in S corporation stock

- Compensation planning

- Use of qualified subchapter S subsidiaries

- S corporations in estate planning

Updated for recent developments, including H.R. 1

It's important to stay current on legislation and IRS publications that affect S corporations, including H.R. 1, commonly referred to as OBBBA. Learners also gain insight into instances in which the IRS has permitted cures of a defective S corporation election or an involuntary S termination.

The course also includes:

- Recently released revenue procedures

- New private letter rulings

- Other key pronouncements that are crucial to providing quality services to S corporation clients

Part of Tax Staff Essentials Level 4

This self-study online course is part of Tax Staff Essentials Level 4, a comprehensive learning program that provides tax managers, directors, and partners with the advanced technical training required to work with their most sophisticated clients.

Instructor: Deborah Phillips

Target Audience

· Managers and partners in public accounting firms

· CPA sole proprietors specializing in taxation of S corporations

· Tax planning professionals

Course Objectives

· Calculate an S corporation shareholder’s stock basis at the end of a taxable year

· Calculate gain and loss on the distribution of property.

· Evaluate the rules concerning fringe benefits received and expenses incurred by S corporation shareholder-employees.

· Apply the rules relating to qualified Subchapter S subsidiaries (QSubs).

· Assess the corporate reorganization rules on S corporations.

· Evaluate the effects of a shareholder’s death on an S corporation.

· Calculate the Section 199A deduction.

Subjects

· Basis in S corporation stock

· Distributions

· Compensation planning

· Qualified subchapter S subsidiaries

· Liquidations, reorganizations, and redemptions

· Estate planning and the use of trusts

· Section 199A

Prerequisites

Foundational knowledge of S corporation taxation