With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a S corporation course focusing on the birth, growth, maturity, and death of a closely held S corporation. This case driven course will deal with S corporation income tax laws from formation to liquidation.
Once participants have completed this session, they should be able to: • Form a S corporation and calculate the entity’s initial inside basis in the assets and shareholder’s stock basis •Understand the operational issues during the growth and maturity of a S corporation and how the schedule K items get allocated to the shareholders on their individual Schedule K-1 effecting stock and debt basis • Prepare a Schedule M-2 and determine how distributions are treated to the shareholders •Comprehend the tax ramifications of liquidating a S corporation and the sale versus redemption of a shareholder’s stock
This class will review S corporation tax law by looking at case studies addressing issues and problems at both the S corporation and shareholder level. Each attendee will receive the most comprehensive reference manual with numerous practice aids and real-world examples and case studies. Topics include but are not limited to: •Extensive review of the S corporation tax laws with an emphasis on any new legislative changes •Requirements to make an S election (i.e., types and numbers of shareholders and second class of stock issues) •Fixing late S corporation elections (i.e., Form 2553) •S corporation formation (§351) and liquidation issues •Revocation and termination of S corporations •Schedule K and K-1 – separately stated versus non-separately stated income and expense items •Detailed Schedule K-1 reporting including the 20% qualified business income (QBI) deduction and 3.8% net investment income tax •Compensation issues including the tax treatment of fringe benefits •Built in gains tax and other planning opportunities when converting a C to S corporation •Preparation of the Schedule M-2 and the ordering rules for distributions out of the AAA, PTI, E&P and OAA accounts •Tax treatment of stock redemptions (sale or distribution?)
Who Should Attend
Tax professionals (in public or private industry) seeking a case driven income tax return course addressing the most common, yet complex Federal S corporation issues and problems.
Background in S corporation and individual income tax law
Additional Event Information
Contact NCACPA if you need assistance with your online program. For the quickest results, email the Online Learning Team at [email protected], and a team member will contact you shortly.
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