Early Bird Fees (through 11/5)
After 11/5, add $50 to your fee.
CPE: 8 hours
Vendor: Surgent McCoy CPE
Prerequisites: Basic knowledge of S corporation taxation
Advanced prep: None
Who should attend: Experienced CPAs who desire a comprehensive S corporation course that will enable them to understand reasonably complex S corporation problems and issues; also, CPAs who want a comprehensive, intermediate-level S corporation practice manual
As they gain more experience, staff are expected to take on more complex assignments with minimal supervision. This program utilizes a case study approach to apply federal tax rules to their S corporation clients. Case studies based on real life examples are the focal point of this course. The case studies allow for group analysis, discussion, and problem solving.
• 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
• Applicable coverage of recent tax acts and any new legislation enacted before presentation
• Of the six requirements for S election, which one causes the most terminations, and how to avoid those terminating errors
• Current procedures to correct a late S corporation election
• S Corporations and self-employment tax – how long do we have?
• Detailed review of basis calculation rules, deducting losses, stock vs. loan and “at-risk” basis
• Final regulations regarding open debt and the handling and repayment of shareholder loans
• Basis neither increased by phantom income, nor reduced by non-deducted pass-through losses
• How IRS calculates CPA’s reasonable compensation
• Built-in gains and excess passive investment income tax
• Taxable distribution in excess of basis and reporting issues to shareholders
• Proper handling of accrued expenses payable to a shareholder
• How §179 limitations affect S corp. basis
• Pass-through of income and expenses to shareholders, including fringe benefit restrictions
• Liquidation of the S corporation
• Is there a “flexible standard of law” in regard to closely held entities?