We’ll cover a brand new “Practice Unit” released by the IRS in 2022. We’ll also cover new cases, changes in Form 1120S, and new administrative guidance.
Publication Date: November 2022
Designed For
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Topics Covered
- New cases addressing reasonable compensation for shareholders
- Changes to Form 1120S Schedule K-1
- IRS Form 7203
Learning Objectives
- Recognize how to determine proper reasonable compensation for shareholders
- Identify circumstances where S corp status is inadvertently terminated (and how to fix inadvertent terminations retroactively)
- Describe rules for computing reasonable compensation for shareholders
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic understanding of S Corporations.
Advance Preparation
None
Instructor
Greg White
Greg White, CPA, taught for 14 years as an adjunct professor for Golden Gate University. He’s admitted to practice before the United States Tax Court. He is a founder and shareholder, in WGN PS in Seattle, WA. He has been named a Top 50 IRS Representation Practitioner in the U.S. by CPA Magazine and has taught for a number of professional organizations. Greg enjoys the technical side of tax, but also likes to have fun in class.