CPE Course Surgent's Secrets of Successful S Corporation Review (SSCR)

October 20, 2017

9:00 AM — 5:00 PM

Location Webinar

Member Price $219.00
Non-member Price $249.00

Curriculum Taxation

Field of Interest

Level Beginning

Designed For

CPAs, EAs, return preparers, tax attorneys, and other tax professionals who advise clients or businesses will benefit from this insightful webinar

8.00 credits

View Cart

Objective

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

Highlights

 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

Instructors

Prerequisites

None

Developer

Surgent McCoy CPE, LLC

Back to Course List View Cart