Event Description

This course goes beyond the basics and addresses important practical issues that an experienced practitioner must know about S corporations.Detailed rules governing basis in the shareholder’s debt and stockAAABuilt-in gains incurred from the sale of assetsRedemptions and liquidationsCompensation planning for shareholders, including planning strategies under the SECURE ActTax Cuts and Jobs Act of 2017 and the various stimulus acts, as applicable

Designed For

Objectives

Examine operational issues, keeping track of AAA, and how to calculate basis, apply distribution rules, and avoid loss limitations     Describe corporate level taxes     Describe the rules governing the redemption and liquidation of an S corporation     Examine the issues in compensation planning in S corporations, including limitations in a family-controlled business, in particular after criticism of the Treasury Inspector General for Tax Administration of the IRS efforts to address underreporting of S corporation officer compensation     Be familiar with the results of the case studies that reinforce key learning points

Major Subjects

Detailed rules governing basis in the shareholder’s debt and stock     AAA     Built-in gains incurred from the sale of assets     Redemptions and liquidations     Compensation planning for shareholders, including planning strategies under the SECURE Act     Tax Cuts and Jobs Act of 2017 and the various stimulus acts, as applicable

Prerequisites

Experience in S corporation tax return preparation