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Overview

8.0 Credits

As they gain more experience, staff are expected to take on more complex assignments with minimal supervision. The course is designed to assist experienced staff to take the next step by taking a deeper analysis into critical issues affecting the entire life-cycle of present S corporation clients. Discussions utilizing real life examples are designed to allow intermediately experienced participants to analyze and solve problems, such as they may face within their own offices.

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 Topics

  • Tax reform update
  • The Light Brigade failed due to poor instructions; let's follow the right path in basis calculations
  • Current private letter rulings reveal the failure in one or more S corporation eligibility requirements inadvertently terminating S corporations today
  • Inherited a new client with reporting errors? What are my options?
  • Debt vs. equity and §385; Federal Express battled and won, how do we?
  • The $100/day penalty final rule applicable to S corporations
  • Congressional Budget Office is next in line suggesting SECA tax on pass-through entities
  • Tracking multiple shareholder debt basis
  • 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?

Designed For

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

Prerequisite

Basic knowledge of S corporation taxation

You will receive an email from Surgent CPE with instructions to download this product.