Description

Help S corporation clients with tax planning

Understand the intricacies of the S corporation form of doing business and consider the tax effect that various types of S corporation distributions will have on the corporation's shareholders.

Learn about planning and reporting successful complex S corporation transactions, updated for the latest tax legislation, including SECURE 2.0 and K-2 and K-3 reporting requirements.

Explore the uses of qualified subchapter S subsidiaries to help you minimize your client's tax bill with winning strategies related to this type of entity.

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

Interpret the rules relating to the adjustment of basis in stock by S corporation shareholders.

Calculate gain and loss on the distribution of property and apply the rules for cash distributions.

Identify the distribution ordering rules when an S corporation has accumulated earnings and profits (AE&P)

Identify the rules concerning fringe benefits received by S corporation shareholderemployees.

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

Apply the corporate reorganization rules to S corporations and identify the rules relating to the liquidation of an S corporation.

Calculate the Section 199A deduction and subdivide activities into SSTBs and nonSSTBs.

Determine whether an S corporation is the optimal entity based upon a given set of facts and circumstances.

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

Completion of AICPA's course S Corporations: Key Issues, Compliance, and Tax Strategies or equivalent knowledge and experience