Description

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

Instructor: Michael Frost, CPA

Target Audience

Accounting and Financial Professionals 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

Applicable OBBBA (One Big Beautiful Bill Act) provisions 

AAA

Built-in gains incurred from the sale of assets

Redemptions and liquidations

Compensation planning for shareholders

Prerequisites

Experience in S corporation tax return preparation