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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

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

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