Surgent's S Corporation Taxation: Advanced Issues

Description

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

Highlights



• 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



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



Designed For

CPAs whose practices include S corporations and their shareholders