Self-Study

Surgent's S Corporation Core Tax Issues From Formation Through Liquidation

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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 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, including recent rulings
• Schedules K-2 and K-3 reporting requirements and filing exceptions
• 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
• 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?

Learning 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

Who should take this program?

• Experienced accounting and financial professionals desiring a comprehensive case approach to understand reasonably complex S Corporation issues and problems

Pricing

Our records indicate you are a nonmember. If you register, you will be charged $159.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.