Surgent's S Corporation Core Tax Issues From Formation Through Liquidation

Overview

As experienced staff members master the preparation intricacies of an 1120-S tax return, they are expected to understand and apply the underlying concepts, principles and laws governing S corporation status. This course is designed to illustrate in both theory and practice overarching principles that govern S corporations from formation to revocation, termination and liquidation. Experienced, client-facing staff should be aware of the pitfalls that may inadvertently cause an S-status termination or may generate unintended tax consequences to shareholders.

Highlights

What exactly is terminating S corporations, including recent rulings
Schedules K-2 and K-3 reporting requirements and filing exceptions
Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations
Shareholder changes Living Trust and causes S termination
LLCs electing S status, changing agreement could terminate election
Inherited a new client with reporting errors? What are my options?
Debt vs. equity and §385; Federal Express battled and won, how do we?
Are we to expect SECA tax on pass-through entities?
Shareholders losing “substance over form” argument
Basis neither increased by phantom income, nor reduced by non-deducted pass-through losses
Can I accrue expenses payable to a shareholder? Sure, but can I deduct them?
How §179 limitations affect S corp. basis
Comparison of liquidation of a C corporation vs. the liquidation of an S corporation
Did not timely file Form 2553? A simple method to correct
Is there a “flexible standard of law” in regard to closely held entities?

Prerequisites

Basic knowledge of and experience with S corporation taxation

Designed For

Experienced Accounting and Financial Professionals desiring a comprehensive case approach to understand reasonably complex S corporation issues and problems; also, Accounting and Financial Professionals who want a comprehensive, intermediate-level S corpo