S Corporation Core Tax Issues from Formation Through Liquidation (SMTX37)

Tuesday, July 25, 2017 | 8:30 AM - 4:00 PM (Registration at 8:00 AM) EST | South Carolina Association of CPAs, Cayce


As they gain more experience, staff are expected to take on more complex assignments with minimal supervision. The course is designed to assist experienced staff to take the next step by taking a deeper analysis into critical issues affecting present S corporation clients. Discussions utilizing real life examples allow for group analysis, discussion, and problem solving. Updated for impacts of the Protecting Americans Against Tax Hikes (PATH) Act of 2015.


  • 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


Standard Registration: $314 SCACPA Members, $414 Non-Members
Firm Discount: ($15)
Reciprocal Discount: ($100)
Bundle and Save Discount: ($20)

Major Topics

  • Applicable coverage of recent tax acts and any new legislation enacted before presentation
  • Current private letter rulings reveal the failure in one or more S corporation eligibility requirement that is causing inadvertent terminations
  • How to avoid those terminating errors
  • The $100/day penalty and transitional relief
  • Affordable Care Act reporting issues and Shared Responsibility
  • S Corporations and self-employment tax - how long do we have?
  • Detailed review of basis calculation rules, deducting losses, stock vs. loan and "at-risk" basis
  • Final regulations regarding open debt and the handling and repayment of shareholder loans
  • Basis neither increased by phantom income, nor reduced by non-deducted pass-through losses
  • How IRS calculates a CPA's reasonable compensation
  • Taxable distribution in excess of basis and reporting issues to shareholders
  • Proper handling of accrued expenses payable to a shareholder
  • How 179 limitations affect S corp. basis
  • Liquidation of the S corporation
  • Current procedures to correct a late S corporation election
  • Is there a "flexible standard of law" in regard to closely held entities?


Course Code:

8.00 Taxation

Field of Study:

Surgent McCoy CPE, LLC

Course Type:


Basic knowledge of S corporation taxation

Advanced Preparation:


1300 12th Street, Suite D, Cayce, SC, 29033