23SS-0358: Surgent's S Corporation Core Tax Issues From Formation Through Liquidation (Self-Study)

Valid for one year from purchase date
Self-study - Downloadable PDF
8 CPE (8 technical)  |  8 IRS CE

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.

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 Section385; 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 Section179 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?

Learning objective(s)

• 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

Who should take this program?

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

Fees

Standard Member Fee	$159.00
Standard Nonmember Fee	$159.00