Event Description

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.

Designed For

Experienced Accounting and Financial Professionals desiring a comprehensive case approach to understand reasonably complex S corporation issues and problems; also, Accounting and Financial Professionals who want a comprehensive, intermediate-level S corpo

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

Major Subjects

What exactly is terminating S corporations, updated for recent rulings Schedules K-2 and K-3 reporting requirements and transitional filing relief Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations 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 Section 385; Federal Express battled and won, how do we? Are we to expect SECA tax on pass-through entities? 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 Section 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?

Prerequisites

Basic knowledge of and experience with S corporation taxation

Instructions

None