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Event Description

Most of us serve successful S corporations in our federal income tax practice. Answers to the questions posed in this program segment will help income tax advisors and return preparers deal with the two most misunderstood issues in taxation of S corporations and their shareholders.

Enrolled Agent Approved

Designed For

Every CPA, EA, and Attorney who advises S corporations and their shareholders on federal income tax matters can benefit from this analysis of the law and Court decisions on shareholder/employee compensation.  We all need to learn how to properly report taxpayer basis, distributions from AAA, and how to account for “limited losses.”

Objectives

  • Equip you to give reliable advice about an S shareholder’s W-2 amount
  • Track changes in an S corporation’s AAA
  • Explain the difference between a “Limited Loss” and a “Suspended  Loss”
     

Major Subjects

  • What does the Law say about S shareholder W-2 compensation?
  • How about Court decisions?
  • Has the IRS offered any guidance?
  • Exactly what is “S Corporation AAA”?
  • How is that different, if at all, from Shareholder Basis?
  • How is a “Limited loss” (IRC Sec. 465) different from a “Suspended loss” (IRC Sec. 469)?

Prerequisites