S Corporation (Form 1120S) - Formation to Liquidation WEBCAST

Overview

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. 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.

Highlights

Extensive review of the S corporation tax laws with an emphasis on any new legislative changes including any TCJA provisions expiring after 2025. 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 (Section 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 ).

Prerequisites

Background in S corporation and individual income tax law.

Designed For

Tax professionals (in public or private industry) seeking a case driven income tax return course addressing many common, yet complex Federal S corporation issues and problems.

Objectives

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.

Preparation

None.

Notice

None.