Webcast: Secrets of Successful S Corporation Review (XSSSCR17)
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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

 Export to Your Calendar 10/20/2017
When: 10/20/2017
8:00 AM until 4:00 PM
Where: Webcast
SURGENT
SSCR-2017-01-WEBNR-293-01
United States
Presenter: Tony Nitti, CPA


Online registration is available until: 10/18/2017
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Acronym XSSSCR17
CPE 8 hours
Vendor Surgent
Category
Taxation
Level Basic
Prerequisite None
Adv Prep None
Yellow Book? No
Designed for CPAs, EAs, return preparers, tax attorneys, and other tax professionals who advise clients or businesses will benefit from this insightful webinar
Registration
Member $219
CPA Non-Member $319

The Member rate applies to LCPA members, other state society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Course 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.

Objectives

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

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