22WS-1340: Surgent's S Corporation Core Tax Issues From Formation Through Liquidation (Webinar)

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

Tuesday, January 10, 2023
9:00am - 5:00pm Central Time
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 2020/2021 rulings
• 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 Section 385; Federal Express battled and won, how do we?
• Are we to expect SECA tax on pass-through entities?
• Tracking multiple shareholder debt basis. Revamped 1120S K-1 form and instructions
• Impact of CARES and Tax Relief Acts of 2020: Section 163(j) modifications, effect of PPP loan forgiveness on partners' outside bases
• 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 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 CPAs desiring a comprehensive case approach to understand reasonably complex S Corporation issues and problems; also, CPAs who want a comprehensive, intermediate-level S Corporation practice manual

Fees

Standard Member Fee	$279.00
Standard Nonmember Fee	$279.00