Event Description

This course provides a deep dive into the advantages/disadvantages of S and C corps. from a tax and accounting standpoint. Strategic tax planning suggestions pertinent for each legal structure will be provided with consideration given to PPP, ERC, TCJA, regulations, etc.  

Designed For

CPAs and tax professionals

Objectives

Provide a comprehensive look at  of many of our finest strategic tax planning ideas for S and C corporations and their owners.

Major Subjects

Discussion of many of our finest strategic tax planning ideas in areas such as a comparison of S corporations with C corporations (including effective tax rates) Continuing significant benefits of S corporations including an increase in basis of shareholder stock for PPP forgiven loan proceeds, EIDL advances of up to $10,000, and SBA subsidiesUp to 20% deduction for qualified business income pursuant to Section 199AThe benefits/detriments of C corporations including a 21% flat tax rate, no AMT, unreasonable compensation, AET, PHC, PSCs and qualified PSCs, and the possible sale of employee-shareholder personal goodwill in order to avoid a tax at the C corporation level Possible 100% exclusion for gain on qualified small business C stock Changes in methods of accounting after TCJA such as from accrual to cash and from maintaining an inventory to not maintaining an inventory Integrating PPP loan forgiveness with claiming the employee retention credit for eligible employers on Form 941-X  

Prerequisites

Basic understanding of tax law and corporate legal structures.

Instructions

None.