LLCs and S Corporations: a Comparative Analysis WEBINAR
Overview
This course focuses on the most common aspects and tax implications of Limited Liability Companies and S Corporations. It will further compare forms of entities, along with corporate formalities compliance issues of each entity type. Electing Subchapter S status as well as reviewing the mechanics of electing Subchapter S status will be discussed. Highlights of entity specific tax forms will be discussed, as well as accountable plans, taxable fringe benefits, officer reasonable compensation, estate planning, business continuation planning and audit strategies. Schedules K-1, K-2, K-3, and effectively connected income will be reviewed in this course as well.
Highlights
Comparative analysis of LLCs and S Corporations. Entity formation, compliance, and operational structures. Self-employment tax and its implications for LLCs and S Corporations. Form 2553 preparation and relief for late filings. Rev. Proc. 2022-19 and Rev. Proc. 2023-3: analysis and application. S Corporation eligibility errors and corrective measures. Corporate governance and formalities for both entity types. Shareholder stock and debt basis for S Corporations. Forms 1120S, 1065, and related schedules. Officer reasonable compensation and general partner guaranteed payments. Audit strategies, estate planning, and business continuation planning.
Prerequisites
None.
Designed For
CPAs, EAs, tax professionals, financial planners, investment advisors, attorneys, and professionals advising or working with LLCs and/or S Corporations.
Objectives
Compare and contrast LLCs and S Corporations to determine suitability for various clients. Analyze LLC structures and their tax implications. Compare the interplay of LLCs and S Corporations with self-employment tax. Prepare Form 2553 for electing Subchapter S status and identify relief options for late filings. Analyze Rev. Proc. 2022-19 and Rev. Proc. 2023-3 and understand their differences and applications under IRC Section 1361 and Section 1362. Identify and address S Corporation eligibility errors and implement corrective measures. Recall corporate governance procedures and compliance requirements for LLCs and S Corporations. Assess shareholder stock and debt basis for S Corporations. Recall key aspects of Forms 1120S, 1065, and related schedules. Indicate officer reasonable compensation and general partner guaranteed payment requirements. Apply facts and circumstances in advisory services to determine reasonable compensation.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Mary Jane Hourani, Professional Education Management Inc
Mary Jane Hourani, MM, EA, NTPI Fellow, Tax Accountant Mary Jane has been practicing since 1993, working for a couple larger Tax, Accounting, & Audit Firms in before transitioning to her own practice in 2005. Mary Jane has a Master of Management from Walsh College of Accountancy and Business Administration as well as a Bachelor of Science from Eastern Michigan University in Public Administration with a focus in Organizational Development and Governmental Accounting. She is credentialed as an Internal Revenue Service Enrolled Agent, allowing her to practice before the IRS. With this credential, she has direct oversite by the IRS Office of Professional Responsibility. She is also a National Association of Enrolled Agents NTPI Fellow. Mary Jane has been an Instructor of Tax for Michigan State University Tax School since 2008 as well as a speaker for several trade organizations since 2005. Mary Jane has been a Contributing Editor and Contributing Author of the National Tax Workbook for the Land Grand University Tax Education Foundation since 2009. She writes and compiles tax course packs used by Michigan State University Tax School and other trade organizations. She is a former H&R Block Instructor/Trainer. Mary Jane is a member of the National Association of Enrolled Agents, Michigan Association of Certified Public Accountants, National Association of Tax Professionals, American Institute of Professional Bookkeepers, and is a QuickBooks ProAdvisor.
Non-Member Price $289.00
Member Price $239.00