24SS-0388: Surgent's S Corporations Core Tax Issues From Formation Through Liquidation (Self-Study)
Valid for one year from purchase date
Self-study - On-Demand
8 CPE (8 technical) | 8 IRS CE
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As experienced staff members master the preparation intricacies of an 1120-S tax return, they are expected to understand and apply the underlying concepts, principles and laws governing S Corporations 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
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What exactly is terminating S Corporations, including recent rulings
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Schedules K-2 and K-3 reporting requirements and filing exceptions
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Form 7203, S Corporations Shareholder Stock and Debt Basis Limitations
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Shareholder changes Living Trust and causes S termination
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LLCs electing S status, changing agreement could terminate election
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Inherited a new client with reporting errors? What are my options?
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Debt vs. equity and Section 385; Federal Express battled and won, how do we?
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Are we to expect SECA tax on pass-through entities?
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Shareholders losing "substance over form" argument
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Basis neither increased by phantom income, nor reduced by non-deducted pass-through losses
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Can I accrue expenses payable to a shareholder? Sure, but can I deduct them?
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How Section 179 limitations affect S Corp. basis
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Comparison of liquidation of a C Corporation vs. the liquidation of an S Corporations
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Did not timely file Form 2553? A simple method to correct
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Is there a "flexible standard of law" in regard to closely held entities?
Learning objective(s)
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Prepare more complicated S Corporations returns
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Understand certain advanced concepts of S Corporations taxation
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Protect S Corporations clients from falling out of S Corporations eligibility
Who should take this program?
Experienced accounting and financial professionals desiring a comprehensive case approach to understand reasonably complex S Corporations issues and problems; also, Accounting and financial professionals who want a comprehensive, intermediate-level S Corp
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