Webinar

S Corporation Core Tax Issues From Formation Through Liquidation

As experienced staff masters the preparation intricacies of an 1120S tax return, they are expected to understand and apply the underlying concepts, principles and laws governing S corporation status. This course is designed to illustrate in both theory and practice overarching principles that govern S corporations from formation to revocation, termination and liquidation. Experienced client-facing staff should be aware of the pitfalls that may inadvertently cause an S-status termination or may generate unintended tax consequences to shareholders.

Objectives

  • Prepare more complicated S corporation returns
  • Understand certain advanced concepts of S corporation taxation
  • Protect S corporation clients from falling out of S corporation eligibility

Highlights

  • What exactly is terminating S corporations, updated for 2020/2021 rulings
  • Shareholder changes Living Trust and causes S termination
  • LLCs electing S status, changing agreement could terminate election
  • Basis calculation worksheet
  • Inherited a new client with reporting errors? What are my options?
  • Debt vs. equity and §385; Federal Express battled and won, how do we?
  • Are we to expect SECA tax on pass-through entities?
  • Tracking multiple shareholder debt basis. Revamped 1120S K-1 form and instructions
  • Impact of CARES and Tax Relief Acts of 2020: Section 163(j) modifications, effect of PPP loan forgiveness on partners’ outside bases
  • Shareholders losing "substance over form" argument
  • Basis neither increased by phantom income, nor reduced by non-deducted pass-through losses
  • Can I accrue expenses payable to a shareholder? Sure, but can I deduct them?
  • How §179 limitations affect S corp. basis
  • Comparison of liquidation of a C corporation vs. the liquidation of an S corporation
  • Did not timely file Form 2553? A simple method to correct
  • Is there a “flexible standard of law” in regard to closely held entities?

Additional Information

Designed For

Experienced CPAs desiring a comprehensive case approach to understand reasonably complex S corporation issues and problems; also, CPAs who want a comprehensive, intermediate-level S corporation practice manual

Vendor

Surgent

Advanced Preparation

None

Credits

8.00 Taxes

Prerequisite

Basic knowledge of and experience with S corporation taxation

Course Number

2226877

Level of Knowledge

Intermediate

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