Self-Study

S Corporation Core Tax Issues From Formation Through Liquidation Download

  • Tuesday, April 5, 2022 – Sunday, April 30, 2023

  • 8.00
    CREDITS
    Taxes

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

2227461

Level of Knowledge

Intermediate

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