S Corporations: Tax Planning 2024

Overview

Identify and discuss various tax planning opportunities related to the operation of a corporate business with an S corporation election. Topics range from annual recurring planning to unusual transactions, such as stock redemptions and the sale of the corporate business.

Highlights

• Overview of the taxation of corporations and shareholders, including making the S corporation election
• Built-in Gain Tax Planning
• Self-employment tax and S corporations
• Distribution tax planning
• Planning to minimize the impact of loss limitations
• Tax planning for years with both distributions and losses
• Termination Planning
• Tax planning regarding the transfer of appreciated assets to an S corporation
• Buying and selling S corporations-tax planning ideas
• Tax considerations of using the QSUB, Section 338(h)(10), or 336(e) elections
• Tax Issues to consider at the death of S corporation shareholder
• Stock redemptions as a tax planning tool
• Accommodating a "non-qualified" investor
• Trusts and tax-exempt shareholders
• The second class of stock risks

Prerequisites

Understanding the basics of S corporation federal tax law.

Designed For

CPAs

Objectives

• Identify built-in gain tax planning
• Understanding how to plan to minimize the impact of the loss limitation rules
• Determining the tax considerations related to buying or selling an S corporation
• Identifying tax planning opportunities at the death of the shareholder of an S corporation
• Determine how to minimize tax related to the distribution
• Tax planning ideas related to transfers of property to S corporation for stock

Preparation

None