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Surgent’s S Corporation Core Tax Issues From Formation Through Liquidation (SU1111/24)

Member Price $275
Non-Member Price $290
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August 2 @ 9:00 am - 5:00 pm

Event Description

As experienced staff members master the preparation intricacies of an 1120-S tax return, they are expected to understand and apply the underlying concepts, principles and laws governing S corporation status. This course is designed to illustrate in both theory and practice overarching principles that govern S corporations from formation to revocation, termination and liquidation. Experienced, client-facing staff should be aware of the pitfalls that may inadvertently cause an S-status termination or may generate unintended tax consequences to shareholders.

Designed For

Experienced Accounting and Financial Professionals desiring a comprehensive case approach to understand reasonably complex S corporation issues and problems; also, Accounting and Financial Professionals who want a comprehensive, intermediate-level S corpo

Objectives

Prepare more complicated S corporation returns Understand certain advanced concepts of S corporation taxation Protect S corporation clients from falling out of S corporation eligibility

Major Subjects

What exactly is terminating S corporations, including recent rulings Schedules K-2 and K-3 reporting requirements and filing exceptions Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations Shareholder changes Living Trust and causes S termination LLCs electing S status, changing agreement could terminate election Inherited a new client with reporting errors? What are my options? Debt vs. equity and §385; Federal Express battled and won, how do we? Are we to expect SECA tax on pass-through entities? Shareholders losing “substance over form” argument Basis neither increased by phantom income, nor reduced by non-deducted pass-through losses Can I accrue expenses payable to a shareholder? Sure, but can I deduct them? How §179 limitations affect S corp. basis Comparison of liquidation of a C corporation vs. the liquidation of an S corporation Did not timely file Form 2553? A simple method to correct Is there a “flexible standard of law” in regard to closely held entities?

Prerequisites

Basic knowledge of and experience with S corporation taxation

Instructions

None

Details

Date:
August 2
Time:
9:00 am - 5:00 pm
Credit:
8 Credits

Other

Credit Hours
8
Max Registrations
0
Course Type
Webinar
Course Level
3