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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.

Date Tuesday, January 10, 2023
Time 9:00am - 5:00pm
Central Time
Location Online
CPE credits CPE 8.0
Field(s)
of study
Taxes - Technical (8.0)
Specialty
credits
8.0 IRS CE approved
Instructor Susan Smith, CPA
Surgent
Fees
Standard Member Fee $279.00
Standard Nonmember Fee $279.00

Description

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.

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

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

Notes:

Course code Code 22WS-1340
Sponsor Surgent
NASBA ID#: 103212
Level Intermediate
Format Group Internet Based
Prerequisites Prereq. Basic knowledge of and experience with S Corporation taxation
Advance
prep
None

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