2024 S Corporation Update
Author: Greg White
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Join expert Greg White for a fast-paced in-depth examination of 2024 S corporation developments.
Publication Date: December 2024
Topics Covered
- Respecting entities as separte from their owners
- Planning for Taxmageddon
- Supreme Court case on life insurance and estate tax
- Terminating S corp status
- Shareholders pay tax even if no tax distributions
- Estate of Fry
- Best type of subsidiary for S corp to have
Learning Objectives
- Identify IRS update guidance on automatic fix on second class of stock terminations
- Explain how to calculate shareholder basis in S corporation stock under new highly taxpayer-friendly Tax Court decision
- Recognize how to apply a new case that covers when an S corporation will be respected for tax purposes. This is important for payroll tax savings
- Identify tax planning strategies to reduce the impact of the upcoming “Taxmageddon” as the Tax Cuts and Jobs Act expires
- Identify how many people the IRS estimates qualify for abatement per year but pay penalties
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic understanding of S Corporations.
Advance Preparation
None
