Surgent's Advanced Critical Tax Issues for S Corporations

Overview

This course goes beyond the basics and addresses important practical issues that an experienced practitioner must know. Even if you have attended other S corporation courses, you will learn something new in this course.

Highlights

Final regulations on “eligible terminated S corporations” (ETSCs)
Cases, rulings, and tax law changes affecting S corporations
Compensation planning in S corporations, including limitations in a family-controlled business; self-employment tax issues, including IRS efforts to address underreporing of S corporation officer compensation
Use of redemptions: still some advantages
Planning for the liquidation of an S corporation
Tax issues for family ownership of S corporation stock
Impact of the tax on net investment income on sales of S corporation stock
Stock basis: Loss limitations, AAA, and distribution issues in depth
Debt basis: what the regulations on back-to-back loans mean to investors
Estate planning for S corporation shareholders, including buy-sell agreements, QSubs, ESBTs, and uses of life insurance
Built-in gains: the 5-year recognition period
S corporation structuring: one class of stock
Methods of accounting
Legislation on mortgage interest reporting, basis, statute of limitations, and tax return due dates

Prerequisites

A basic course in S corporations; some experience in advising S corporations and their shareholders

Designed For

All practitioners and controllers who have attended a basic S corporation course and want to understand more complex issues and their practical implications

Objectives

Understand how stock basis, AAA, and other limitations are determined
Appreciate how corporation planning can be used in an S corporation to change the effects of the one-class-of-stock rule
Understand what S corporation issues are being debated with the Service, settled in courts, and guided by administrative decisions