S Corporation Taxation: State of the Art Tax Strategies: Part 1 (Half-Day Webinar) (Completed)

Date: Monday, November 29, 2021
Instructor: Greg White
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

Join expert Greg White, CPA, for this two part webinar series to cover the best strategies for S Corporation taxation.

We'll deep dive into the cost of converting a C corporation to an S Corporation and also discuss whether to choose S corp or C corp status.

Greg will also cover steps to help you avoid loss of S corporation status. We’ll also cover the special considerations for stock held by estates or trusts of deceased shareholders. Your benefits from taking the course will include a deep understanding of some of the essential elements of tax planning for S corporations.

How do you determine reasonable compensation? We’ll cover every important case and provide practical methods to calculate how much compensation is reasonable. We’ll also cover basis increases that arise from shareholder debt: what works and what doesn’t work. Finally, we’ll cover what happens when an S corporation is inadvertently terminated – how you can get the train back on the track.

Who Should Attend
Tax practitioners who want to expand tax planning strategies of S corporations.

Topics Covered

  • Converting S corps to C corps — Should you convert?
  • Reasonable compensation for shareholder-employees
  • Restructuring shareholder loans to increase basis
  • Strategies for restoring terminated S corp status (retroactively)
  • The types of debt that provide basis to shareholders
  • Fixing technical violations of S corporation's eligibility rules

Learning Objectives

  • Identify situations where S corporations result in a lower Federal tax burden than C corporations
  • Recognize the cost of converting from C corp to S corp status
  • Identify some of the traps that can result in the loss of S corporation status
  • Identify strategies for restoring S corp status retroactively
  • Discover the rules for stock held by estates and trusts, including elections (QSST and ESBT)
  • Identify methods to determine reasonable compensation
  • Recognize how to restructure loans to provide basis to a shareholder
  • Recognize what actions you can take if an S corp has ineligible shareholders or two classes of stock

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
Basic understanding of preparing S Corporation returns.

Advance Preparation
None

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