S Corporation Taxation Concepts and Planning Strategies: Part I (Half-Day Webinar) (Completed)
Date: Thursday, December 9, 2021
Instructor: James R. Hamill
| Begin Time: |
8:00am Pacific Time
9:00am Mountain Time
10:00am Central Time
11:00am Eastern Time |
| CPE Credit: |
4 hours for CPAs
4 hours Federal Tax Related for EAs and OTRPs
4 hours Federal Tax Law for CTEC |
|
The most popular form of business entity is the S corporation. S corporations create special reporting and transactional issues because they follow the “entity” approach applicable to all corporations. The tax result can be a combination of provisions found in subchapter C and subchapter S. For this reason, although both partnerships and S corporations are flow through entities, the tax result of similar transactions can be very different in the two entity types.
This session is “Part I” of a two-part program on the taxation of S corporations and their shareholders. This session will review many of the basic provisions of subchapter S and will help prepare both staff and management for dealing with more complex tax concepts applicable to both S corporations and their shareholders.
In this four-hour course, nationally recognized tax expert and instructor James Hamill, CPA, Ph.D., will explain the taxation of S corporations by use of commonly encountered transactions. The session will generally follow a “life cycle” approach, beginning with a review of what “entity” concepts mean and then leading into the formation of an S corporation. It will then begin to address common transactions that S corporations engage in during their “lives.”
Who Should Attend
Experience with S Corporation Tax Returns.
Topics Covered
- Entity Approach
- S election mechanics
- Curing defective elections
- Types of permitted shareholders
- Single class of stock and capital structure issues
- Straight debt uses and requirements
- Formation tax issues — corporation and shareholder
- Allocations of Profit and Loss
- Allocations when ownership changes
- Separately-stated items
- Distributions from S corporations
- Redemptions of S corporation stock
- PPP loan issues — deductions, basis adjustments, AAA
Learning Objectives
- Determine the consequences of forming an S corporation
- Identify key tax reporting issues
- Describe how to select an accounting period
- Identify how to articulate allocations of profit and loss
- Determine how to structure liabilities to create basis
- Recognize how to explain the rules affecting S corporation distributions
- Describe the entity approach and why it matters
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (4 hours)
Program Prerequisites
None
Advance Preparation
None
