S Corp: Compliance & Status Matters, Tax Savings, PTET, & Other Regulations (Completed)
Registration closed on January 17, 2025 at 10:45am Pacific Time
Date: Friday, January 17, 2025
Instructor: Jane Ryder
Begin Time: |
11:00am Pacific Time 12:00pm Mountain Time 1:00pm Central Time 2:00pm Eastern Time |
CPE Credit: |
2 hours for CPAs 2 hours Federal Tax Related for EAs and OTRPs 2 hours Federal Tax Law for CTEC |
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NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
This course reviews compliance, reporting, and tax savings matters for S corporations. Learn best practices for shareholder loans, reasonable compensation, shareholder health insurance, expense reimbursement plans, shareholder home office expenses, and more. Also, tax planning for S corp shareholders, hiring spouses and children, PTET elections, and pension plans. Consider strategies for converting from a C corp to an S corp, valid S elections for LLCs, distributing assets to shareholders, special elections for existing shareholders, and inherited S corp stock.
Topics Covered
- S Corp year end planning worksheet
- S corp elections and C corps or LLCs electing S corp status
- Reasonable compensation and health insurance compliance for S corps
- S corp shareholder reimbursement plans
- S corp basis and Form 7203
- Tax treatment of assets held in S corporations
- Tax savings of S corps
Learning Objectives
- Able to explain pros, cons, and tax savings of S corps to clients
- Understand important compliance matters and tax pitfalls unique to S corps
- Able to handle late S corp elections and late filing penalties with ease
- Develop best practices for helping clients understand and comply with S corp regs
- Identify specific S corp opportunities and tax obligations for each client
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None