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Monday, December 21, 2020 Webcast

S Corporations: Key Issues, Compliance and Tax Strategies — Tax Staff Essentials (X3-2207094)

9:00 AM - 5:00 PM EST


8.0 CPE Credits in TX


New or existing clients and business need assistance with the most misunderstood areas of S Corporations taxation and how they can use them to their advantage. Be prepared to explain the benefits and drawbacks of electing S Corporation status and why more business taxpayers favor the pass-through entity over the C Corporation. This course will give you the knowledge you need to speak effectively to potential business clients and existing shareholders about how you can make the S Corporation business model work for them.


Staff and senior associates in public accounting who assist clients with tax compliance for closely held S Corporations


Identify the advantages and potential disadvantages of operating as an S corporation.

-Recognize individuals and entities that are eligible to own S corporation stock.

-Determine how to make a proper S corporation election.

-Identify causes of voluntary and involuntary termination.

-Recall methods of allocating income for the short years caused by a termination.

-Calculate the tax on built-in gains.

-Identify the items of income, gain, loss, and deduction that adjust basis of shares and indebtedness and the order of application of the items.

-Determine how accumulated earnings and profits, accumulated adjustments account, other adjustments account, and the shareholder’s basis are affected by distributions.

-Recognize when a Section 444 election and resulting required payments should be made.

-Determine whether and to what extent passive losses can be deducted against other income.

-Identify which fringe benefits are deductible by the shareholders.


Advantages vs. disadvantages of S Corporations

-S Corporation Qualifications

-Electing S Corporation status

- Termination of S Corporation Status

-S Corporation Tax on Built-in Gains

-S Corporation Pass-Through to Shareholders, Basis and Losses

-S Corporation Distributions

-Taxable Year of S Corporations

-S Corporation Passive Activity Rules, Fringe Benefits, and Other Considerations






Deborah Phillips

Deborah A. Phillips, CPA, MST

Surgent Professional Education

Debbie operates her own tax controversy practice where she specializes in partnership and S corporation tax law as well as IRS audits and procedures. She has been very successful petitioning and resolving tax issues under the jurisdiction of the United States Tax Court. She is proficient in Section 199A provisions and computations as well as all aspects of the Tax Cuts and Jobs Act of 2017. Previously, Debbie worked for the Internal Revenue Service (IRS) for more than 32 years, with experience in its Large Business and International Division (LB&I) and its Flow Through Issue Practice Group (IPG), along with various retail and manufacturing industry groups. In addition, Debbie taught graduate and undergraduate courses in accounting and taxation as an adjunct faculty member at Delaware State University, Wilmington College, and Goldey-Beacom College. She has been a seminar presenter for approximately 20 years as well as a textbook author. In 2015 through 2017, she received the Surgent Outstanding Discussion Leader Award.


$279.00 - Member

$339.00 - Nonmember

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