Surgent's S Corporation Core Tax Issues From Formation Through Liquidation

Overview

As experienced staff members master the preparation intricacies of an 1120-S tax return, they are expected to understand and apply the underlying concepts, principles and laws governing S corporation status. This course is designed to illustrate in both theory and practice overarching principles that govern S corporations from formation to revocation, termination and liquidation. Experienced, client-facing staff should be aware of the pitfalls that may inadvertently cause an S-status termination or may generate unintended tax consequences to shareholders.

Highlights

• What exactly is terminating S corporations, including recent rulings
• Schedules K-2 and K-3 reporting requirements and filing exceptions
• Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations
• Shareholder changes Living Trust and causes S termination
• LLCs electing S status, changing agreement could terminate election
• Inherited a new client with reporting errors? What are my options?
• Debt vs. equity and §385; Federal Express battled and won, how do we?
• Are we to expect SECA tax on pass-through entities?
• Shareholders losing “substance over form” argument
• 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?

Prerequisites

Basic knowledge of and experience with S corporation taxation

Designed For

Experienced Accounting and Financial Professionals desiring a comprehensive case approach to understand reasonably complex S corporation issues and problems; also, Accounting and Financial Professionals who want a comprehensive, intermediate-level S corpo

Objectives

Preparation

None

Notice

This on-demand webcast can be taken at any time of your choosing and is valid for one year from the date of purchase. No live instructor is present, and an exam is required to earn credit. You must score 70% or higher to earn the certificate.

How do I access my Self-Study Package?

Visit https://www.surgentcpe.com/login and enter your username (your LCPA email address) and password. If you do not remember your password, press the "Forgot?" button to receive a password reset email. Once logged in, the page will refresh to display your account menu on the left side.