S Corps Hot Topics FLEXCAST
Available Until
Your Desk
1.0 Credits
Member Price $294.00
Non-Member Price $338.00
Overview
The S corporation continues to be the most popular tax form for business entities in the U.S. However, this tax status has several traps for the unwary. Tax professionals need to anticipate situations which might be troublesome for S corporation and shareholder clients. There are special problems in which an unincorporated entity, such as a limited liability company, elects to be an S corporation for tax purposes. In 2022 the IRS issued a streamlined procedure whereby certain of these entities can correct provisions in their operating agreements which might cause these associations to be in violation of Subchapter S rules. This program explains the areas of exposure for S corporations in eligibility for pass-through entity status, and explains some audit issues that might subject an S corporation and its shareholders to adjustments and penalties. The session also explains important rules for correcting faults in an S corporation’s operation and ownership.
Highlights
S corporation invalidation. Reporting violations subchapter S. IRS examinations of S corporations. S corporation dos and don’ts.
Prerequisites
None.
Designed For
CPAs, EAs, CRTPs and other tax professionals.
Objectives
Be aware of the most frequent causes for invalidation of S corporation status. Apply remedies appropriate to the time frames for repairing violations of Subchapter S. Discern the issues that attract the most attention in IRS examinations of S corporations. Evaluate strategies for protecting S corporations and their shareholders. Advise clients of dos and don’ts concerning S corporations.
Preparation
None.
Notice
This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.
Leader(s):
Leader Bios
Robert Jamison
Robert W. Jamison, CPA, PhD, is Professor Emeritus of Accounting at Indiana University, Purdue University, Indianapolis (IUPUI). His principal area of specialization is S Corporations. He is the author of S Corporation Taxation, and co-author of Multistate Tax Guide to Pass Through Entities, both of which are published annually by CCH, a Wolters Kluwer business. His articles have appeared in various publications including: Practical Tax Strategies, Journal of Passthrough Entities, The Tax Adviser, Journal of S Corporation Taxation, and The Journal of Accountancy. Professor Jamison has taught many professional education programs for national and local accounting firms and has developed material used in their continuing education programs. He has been a lecturer in AICPA programs and has authored several AICPA tax courses. He is a chapter author in the Van-Griner Taxation Series of textbooks. He is a regular contributor to the Land Grant University Tax Education Foundation, Inc. National Income Tax Workbook. He presents advanced and update S Corporation seminars for various states’ CPA societies and to other professional organizations.
Non-Member Price $338.00
Member Price $294.00