S Corporations Update WEBCAST

Overview

Subchapter S corporations continue to be popular because of employment tax advantages and accounting ease. But taxpayers continue to make errors in making and maintaining their Subchapter S elections. Meanwhile, the cost of remedial rulings has been dramatically reduced for some while others can now face a $43,700 filing/user fee plus professional fees just to get relief. Practitioners need to be alert as to planning opportunities and pitfalls. This ACPEN course will include a panel of national tax practitioners and experts reviewing these complex rules as well as the latest judicial, legislative and regulatory developments.

Highlights

Making the S election. Per share per day accounting rules. Revenue procedures for curing various errors that can adversely affect S status. Regulatory safe harbors for routine commercial agreements. Employment tax issues.

Prerequisites

None.

Designed For

Industry and public accountants.

Objectives

Analyze and interpret IRS Form 2553 to understand its purpose, requirements, and filing process. Identify the eligibility criteria and requirements for electing S corporation status, including shareholder and stock limitations. Identify common errors that can result in the inadvertent termination of S-Corporations, apply corrective measures to resolve these issues, and avoid pitfalls such as the Built-In Gains tax. They will also recognize and address employment tax issues.

Preparation

None.

Notice

None.