20WI-0166: S Corporations: Key Issues, Compliance and Tax Strategies -- Tax Staff Essentials (Webinar)

If you have questions about this event, please call us at 952-831-2707.

Thursday, July 9, 2020
9:30am - 5:30pm Central Time
8 CPE (8 technical)

New or existing clients and business need assistance with the most misunderstood areas of S Corporations taxation and how they can use them to their advantage. Be prepared to explain the benefits and drawbacks of electing S Corporation status and why more business taxpayers favor the pass-through entity over the C Corporation. This course will give you the knowledge you need to speak effectively to potential business clients and existing shareholders about how you can make the S Corporation business model work for them.

Major subjects

• Advantages vs. disadvantages of S Corporations
• S Corporation Qualifications
• Electing S Corporation status
• Termination of S Corporation Status
• S Corporation Tax on Built-in Gains
• S Corporation Pass-Through to Shareholders, Basis and Losses
• S Corporation Distributions
• Taxable Year of S Corporations
• S Corporation Passive Activity Rules, Fringe Benefits, and Other Considerations

Learning objective(s)

• Identify the advantages and potential disadvantages of operating as an S corporation.
• Recognize individuals and entities that are eligible to own S corporation stock.
• Determine how to make a proper S corporation election.
• Identify causes of voluntary and involuntary termination.
• Recall methods of allocating income for the short years caused by a termination.
• Calculate the tax on built-in gains.
• Identify the items of income, gain, loss, and deduction that adjust basis of shares and indebtedness and the order of application of the items.
• Determine how accumulated earnings and profits, accumulated adjustments account, other adjustments account, and the shareholder's basis are affected by distributions. -Recognize when a Section 444 election and resulting required payments should be made.
• Determine whether and to what extent passive losses can be deducted against other income.
• Identify which fringe benefits are deductible by the shareholders.

Who should take this program?

Staff and senior associates in public accounting who assist clients with tax compliance for closely held S Corporations

Fees

Standard Member Fee	$279.00
Standard Nonmember Fee	$339.00