Surgent's S Corporation Taxation: Advanced Issues

This course goes beyond the basics and addresses important practical issues that an experienced practitioner must know about S corporations.

12/7/2022 8:00am - 11:30am  |  Online  |  Surgent

$159.00

CPE Categories: Taxation (4 CPE)

Interest Areas: Business and Industry

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Description

This course goes beyond the basics and addresses important practical issues that an experienced practitioner must know about S corporations.

Presented by Michael Frost, CPA

Target Audience

CPAs whose practices include S corporations and their shareholders

Course Objectives

  • Examine operational issues, keeping track of AAA, and how to calculate basis, apply distribution rules, and avoid loss limitations
  • Describe corporate level taxes
  • Describe the rules governing the redemption and liquidation of an S corporation
  • Examine the issues in compensation planning in S corporations, including limitations in a family-controlled business, in particular after criticism of the Treasury Inspector General for Tax Administration of the IRS efforts to address underreporting of S corporation officer compensation
  • Be familiar with the results of the case studies that reinforce key learning points

Subjects

  • Detailed rules governing basis in the shareholder’s debt and stock
  • AAA
  • Built-in gains incurred from the sale of assets
  • Redemptions and liquidations
  • Compensation planning for shareholders, including planning strategies under the SECURE Act
  • Tax Cuts and Jobs Act of 2017 and the various stimulus acts, as applicable

Prerequisites

Experience in S corporation tax return preparation