Webcast: S Corporations: Qualification, Election and Termination (XCSCQE17)
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The use of an S corporation election can dramatically affect the tax consequences of owning a corporate business. Focus on the requirements that must be satisfied to make this tax election and the process necessary to make the election. Once the election is made, it can be voluntarily or involuntarily be terminated. Discuss possible relief for inadvertent terminations. Where termination is voluntary, tax planning opportunities will be identified and explained.

 Export to Your Calendar 7/10/2017
When: 07/10/2017
12:00 PM until 2:00 PM
Where: Webcast
CALCPA
4173330A
United States
Presenter: John G. McWilliams, CPA, JD


Online registration is available until: 7/8/2017
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Acronym XCSCQE17
CPE 2 hours
Vendor CalCPA
Category
Taxation
Level Overview
Prerequisite Understanding the basics of taxation of corporations, S corporations and partnerships.
Adv Prep None
Yellow Book? No
Designed for CPAs and attorneys with at least two years of experience advising privately owned businesses.
Registration
Member $60
CPA Non-Member $94

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

The use of an S corporation election can dramatically affect the tax consequences of owning a corporate business. Focus on the requirements that must be satisfied to make this tax election and the process necessary to make the election. Once the election is made, it can be voluntarily or involuntarily be terminated. Discuss possible relief for inadvertent terminations. Where termination is voluntary, tax planning opportunities will be identified and explained.

Materials are provided as an ebook for this course.

Objectives

  • Identify and discuss the requirements that must be satisfied to make the S corporation election.
  • Recognize complications related to having trusts, estates, tax exempt and ESOP shareholders.
  • Review and application of the one class of stock requirement to accomplish continued qualification.
  • Determine tax planning ideas to accommodate economic participation by disqualified investors.
  • Identify the process that must be followed to make the election, including when the election must be made and the consequences of a defective election.
  • Recognize tax planning opportunities related to a voluntary termination.
  • Identify the possible application of the inadvertent termination rule to avoid an unplanned termination.
  • Recognize limitation on re-electing after a termination.

Major Topics

  • Qualified shareholder requirement
  • Trusts as shareholders
  • Estates as shareholders
  • Qualified tax exempt shareholders
  • Tax planning ideas to accommodate economic investments by disqualified investors
  • Special rules for counting number of shareholders
  • One class of stock requirement
  • Indirect preferences creating risk of failing one class of stock requirement
  • Disqualified corporations
  • Making an effective S corporation election
  • Relief for late or defective elections
  • Inadvertent termination relief for involuntary terminations
  • Reasons for involuntary termination
  • How to voluntarily revoke an S corporation election
  • Why voluntarily revoke an S corporation election
  • Tax planning related to a planned termination.
  • Re-election after termination