Print Page   |   Contact Us   |   Your Cart   |   Sign In   |   Join
Secrets of Successful S Corporation Review (SSCR)
Tell a Friend About This EventTell a Friend
 

Understand and manage tax issues of an S corporation from formation through termination. Simplicity and the single-level taxation are what make S corporations a popular choice (particularly compared to their cousin, the partnership). However, with that simplicity comes unforgiving rigidity in terms of taxation and qualification for the pass-through treatment. One false move and a corporation's S election could terminate and wipe out all the tax advantages of the S status for the business owners.

10/20/2017
When: Friday , 20 October , 2017
7:00:00 AM - 3:00:00 PM
Where: Webcast/Webinar
United States
Presenter: Tony Nitti, CPA
Contact: April Deneault
801-466-8022


Online registration is closed.
« Go to Upcoming Event List  

Description

Understand and manage tax issues of an S corporation from formation through termination. Simplicity and the single-level taxation are what make S corporations a popular choice (particularly compared to their cousin, the partnership). However, with that simplicity comes unforgiving rigidity in terms of taxation and qualification for the pass-through treatment. One false move and a corporation's S election could terminate and wipe out all the tax advantages of the S status for the business owners. In this full-day CPE webinar (8 CPE hours), pass-through entity tax expert Tony Nitti, CPA, MST, guides you through the S corporation life cycle, from formation through termination. He will teach you how to identify and handle many key issues that will preserve and optimize the corporation's S election. With Mr. Nitti's expert guidance, you'll be able to advise S corp clients with confidence and spot potential issues before they can become costly problems. All tax professionals who advise business clients on tax-planning issues will benefit from this seminar. Time will be provided for you to ask questions directly to Mr. Nitti during the program.

Major Topics

 

 Part 1: Formation, S Election and QSubs

  • Why an S corporation? Single level of taxation
  • Qualification: limitations at corporate and shareholder level
  • Election mechanics
  • Using dates to identify key issues: built-in gains and the presence of E&P
  • Automatic late election relief
  • Method of accounting and tax year
  • Allocation of income and loss: per share/per day
  • Closing of books election
  • QSubs: definition and qualification
  • QSub election mechanics
  • Deemed liquidation resulting from QSub election
  • Treatment of QSub as disregarded entity
  • Treatment of QSub as separate corporation for certain purposes
  • Termination of QSub election

Part 2: Built-In Gains and Basis

  •  Identifying and understanding the reason for the corporate tax on built-in gains
  • How to determine net unrealized built in gains and planning opportunities
  • How to determine realized built-in gains
  • Ways to reduce exposure to the built-in gains tax
  • Understanding the difference between stock basis and debt basis
  • Determining stock basis and debt basis
  • Computing the amount of allowable loss when loss exceeds stock and debt basis
  • Understanding the implications of repaying reduced-basis debt

Part 3: Determining the Taxability of S Corporation Distributions

  • Understanding the interplay between basis, AAA and E&P
  • Determining the taxability of distributions when S corporation has no E&P
  • Determining the taxability of distributions when S corporation has accumulated E&P

Part 4: Compensation Issues

  • Fringe benefits
  • Related party accruals
  • Reasonable compensation issues for shareholder/employees

Learning Objectives
  • Understand essential areas in S corp taxation
  • Identify planning opportunities and pitfalls of the S election
  • Avoid loss of S status

Design For
CPAs, EAs, return preparers, tax attorneys, and other tax professionals who advise clients or businesses will benefit from this insightful webinar

Membership Management Software Powered by YourMembership  ::  Legal