This course goes beyond the basics and addresses important practical issues that an experienced practitioner must know about S corporations.
DESIGNED FOR
Accounting and Financial Professionals whose practices include S corporations and their shareholders
BENEFITS
- 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
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
COURSE LEVEL
Advanced
PREREQUISITES
Experience in S corporation tax return preparation
ADVANCE PREPARATION
None