S Corporations-Advanced Issues

Course Details

Date

Friday, November 8, 2019

7:00am – 2:30pm (Registration: 6:30am)

Field of Study

Taxation

CPE Credit

8 hours CPE credit

Level of Knowledge

Intermediate

Vendor

CalCPA

Prerequisites

General tax knowledge

Description

Though a popular entity form, S corporations present many unique traps that advisers must be aware of. From advising the client as to the appropriateness of an S election, to proper preparation of the Form 1120S and Schedule K-1, to liquidation of the S corporation, this program provides thorough coverage of Subchapter S. Related knowledge needed to serve the S corporation client and its owners, including comprehensive coverage of any tax law changes and their planning implications.

Highlights

  • S Corp versus partnership or LLC-how many differences remain?
  • Impact of the qualified business income deduction added by the Tax Cuts and Jobs Act on the decision whether or not an entity should be an S corporation
  • Making the election
  • Determination of reasonable compensation
  • Built-in gain, excess net passive investment income, and LIFO recapture
  • Shareholder basis, AAA, OA, and retained earnings
  • Coordination with Subchapter C,
  • Redemptions of stock
  • Short tax periods
  • S shareholding trusts
  • Application of the net investment income tax to S Corporations
  • Current S Corporation cases and rulings

Objectives

Participants will be able to:

  • Recognize when an S election is the best tax plan taking into account the 21% C corporation rates
  • Use trusts, non-voting shares, and other planning tools to reduce taxes
  • Establish and defend reasonable compensation for S corporation shareholder/employees,
  • Minimize income subject to the 3.8% Medicare Tax
  • Account for S corporation revocations and terminations
  • Reconcile AAA and shareholder basis
  • Coordinate tax planning for the S corporation and owners
  • Apply qualified business income deduction rules to S corporations

Designed For

Accounting and financial professionals with supervisory and tax planning responsibility who work with S corporations. May also be suitable for public practice.

Registration for this course has passed.

Course Pricing

WYOCPA Member Fee

Applicable if you are a WYOCPA member in good standing.

$245.00
Non-Member Fee

Applicable if you are not a WYOCPA member.

$375.00
Your Price $375.00

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