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CRUCIAL INSIGHTS & TAX STRATEGIES ON S CORPORATION

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • CVA
  • CFA
  • EA
  • ORTP
  • MRTP
  • CBA/MCBA
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

The recent situations have come with a lot of changes in the laws governing business entities. It not only covers the updates in the law, but its practical application such as submission as well. Especially in the case of S Corporation, there have been significant changes that have affected the operations and tax aspects in a major way. This webinar encompasses major updates that are significant for the S corporation. Further, it takes a business perspective that can help you in your practice. 

This webinar covers key topics in four sessions. They are as follows:

Session -1: WHY YOU SHOULD PICK S OVER C, TRAPS IN S CORP QUALIFICATION, AND MORE

By sheer number, S corps are still the entity of choice for many businesses. Hence, tax practitioners need to be aware of the planning and potential traps associated with S-corp taxation. Reviewing real-world strategies that can assist your clients in reducing their tax liabilities, while accomplishing their economic goals, as well as discuss cutting-edge tax strategies is never an option. This webinar provides a comprehensive look at S-corporation. It will give crucial insights about selecting the right type of corporation for your entity in turn.

The webinar will take a deeper dive into the real cost of converting a C-corporation to an S-Corporation. It will discuss whether one should choose S-Corp or C-Corp status based on merits. The webinar comes to you with the most recent updates of S Corporations issues. It will offer invaluable strategies, techniques, innovative tax-planning concepts, and other planning opportunities available to S-corporations. It will cover steps to help avoid loss of S corporation status. The webinar will provide you all the details you need to know to maintain the eligibility status of an S-Corporation. The webinar will take an in-depth dive on the special considerations for stock held by estates or trusts of deceased shareholders.

Major Topics Covered :

  • The cost of converting a C corporation to an S corporation.
  • Maintaining eligibility of an S corporation.
  • Choosing the best type of corporation for your client.
  • Special rules for stock owned by estates and trusts.


Session - 2: DETERMINING REASONABLE COMPENSATION, BASIS INCREASES FROM SHAREHOLDER DEBT, AND FIXING THE LOSS OF S CORP STATUS.

This webinar comes to you with the most recent updates of S Corporations issues. These subjects are considered crucial insights as they influence many parts of the S-Corporation operations and business outcome. The topics included are as follows:

Major Topics Covered:

  • Reasonable compensation for shareholder-employees.
  • The types of debt that provide the basis to shareholders. 
  • Fixing technical violations of S corporation’s eligibility rules.

How do you determine reasonable compensation? Between 2010 and 2013, a number of cases and IRS enforcement came up with the question of reasonable compensation. CPAs, tax, and financial advisors are constantly facing issues regarding determining reasonable compensation. It will cover every important case and provide practical methods to calculate how much compensation is reasonable. Unlike C corporations, every year a shareholder’s stock basis in an S corporation changes based on the operations. It will cover basis increases that arise from shareholder debt: what works and what doesn’t work. At the last, it will cover what happens when an S corporation is inadvertently terminated – how you can get the train back on the track. 


Session - 3: MAXIMIZING THE §199A QBID FOR S CORPORATIONS, RESTRUCTURING INTERCOMPANY DEBT, AND OTHER PLANNING INSIGHTS.


The qualified business income deduction under section 199A is so complex that the taxpayer may incur large penalties over their tax dues instead of getting the deduction if not applied correctly with proper understanding. 

Though it is undeniable fact that under IRC 199A taxpayers have received one of the best new tax deductions from Tax Cuts and Jobs Act – i.e. new 20% qualified business income deduction. Indeed the issues in the case of Qualified Business Income Deduction is not only about learning and understanding the code, but also about making sure the tax calculations are done with accuracy. This webinar takes a deep dive into maximizing the QBID for S corporations. 

Due to numerous reasons such as economic challenges; to increase financial tax or operating efficiency; to adapt to new market dynamics, or debt/loss situation, etc. take the path of drastically changing their capital structure. Such capital restructuring brings numerous accounting and tax complexities, financial reporting, and other compliances, etc. Sometimes identifying such issues in time provides you numerous advantages. In case, there is such a restructuring between an intercompany debt transaction that is aimed to provide the shareholders with more basis, how should it take place? The webinar will take the topic in a detailed discussion on this. Further, whether it is in the interest of the shareholders to provide the funds to the company as a loan or contribution.


Major Topics Covered:

  • Section 199A – special considerations for S corporations.
  • Restructuring intercompany debt to increase shareholder basis. 
  • Transferring funds to an S corporation: Are loans better than capital contributions?


    Session - 4: ORDINARY LOSSES ON STOCK SALES, EXIT STRATEGIES, AND REQUIRED CONFORMITY TO FORM K-1

    Money management is an essential aspect of investing. Just like it is essential to know when to get invested, so is true for the exit. Without devising an exit strategy a shareholder may have to adjust premature profits or – in some cases – losses. Especially, in the case of an S-Corporation, this is true. Therefore it is essential for all the shareholders to devise an exit strategy that helps them in minimizing losses and yield better profits.

    The webinar will cover strategies from an S-Corporation perspective on exit strategies when clients can get ordinary losses on sales or worthless of S Corp stock, and “land banks” – using S corporations to maximize capital gains on the sale of land. The webinar will cover the following major topics.

    Major Topics Covered:
      • Liquidations, Sales, Exchanges & Redemptions: Identifying right Exit strategies for your S Corp shareholders:
      • Distributions of Depreciable Property to Controlling S‐H
      • IRC §1244: Ordinary Losses ‐ Sale of Stock or Liquidation of S Corp.
      • Sale of an S Corp Stock
      • How to move Income to the Seller
      • Distributions in the Year of Sale
      • Planning Strategies for liquidation
      • Wages Strategy as Part of a Stock Sale
      • Sales of Shareholder Goodwill
      • Sale of Land to S Corp
      • Shareholders Must Follow Form K‐1: The Conformity Rule
      • §179 Taxable Inc. Limit and S‐H Comp
      • Transforming Interest Expense Increasing Interest Deductions
      • Shareholders' Interest Expense
      • The perils of distributing appreciated assets from an S corporation.


      This will be a key-value driver webinar for the CPAs, EAs, Tax Preparers, and Other Tax Professionals whose practice involves specialization for S-Corporation or whose client base involves a major portion of S-Corporation or its shareholders. 


      Learning Objectives

      • To compute the cost of converting from C-Corp to S-Corp status.
      • To explore ways to avoid loss of S corporation status.
      • To identify the considerations involving stock held by estates and trusts, including elections (QSST and ESBT).
      • To identify methods to determine reasonable compensation.
      • To restructure loans to provide basis to a shareholder.

      Who Should Attend?

      • Accountant
      • Accounting Firm
      • Bookkeepers & Accountants & Tax Preparers
      • California Registered Tax Professional
      • CPA (Industry)
      • CPA - Mid Size Firm
      • CPA - Small Firm
      • CPA in Business
      • Enrolled Agent
      • Entrepreneurial CPA
      • Maryland Tax Preparers
      • Oregon Tax Preparers
      • Tax Accountant (Industry)
      • Tax Attorney
      • Tax Director (Industry)
      • Tax Firm
      • Tax Managers
      • Tax Practitioners
      • Tax Preparer
      • Tax Professionals
      • Tax Pros
      • Young CPA

      Course Qualification

      Webinar Qualifies For

      • 8 CE Credit of Taxes for Annual Filing Season Program (AFSP)
      • 8 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0362)
      • 8 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
      • 8 CPE Credit for Certified Valuation Analyst (CVA)
      • 8 CE Credit of Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00359-20-O)
      • 8 CE Credit of Federal Tax Related Matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00359-20-O)
      • 8 CE Credit of Federal Tax Related Matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00359-20-O)
      • 8 CPE Credit for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
      • 8 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
      • 8 CE Credit for Certified Wealth Strategist (CWS)
      • 8 General Credit for Accountant/Bookkeeper/Tax Professionals

      Additional details

      • Course Level :
        Basic
      • Credits :
        8
      • Instructional Method :
        Group Internet Based
      • Pre-requisites :
        None
      • Advance Preparation :
        None

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      MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

      MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

      NASBA APPROVED

      MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

      MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

      CTEC APPROVED

      MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

      MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

      Presenter

      About Presenter

      Greg White

      Certified Public Accountant (CPA), State of the Art Tax LLC

      Greg has been providing services in accounting and tax matters with a focus on seafood and maritime industries for over 30 years. He specializes in tax planning, compliance, US Tax Court litigation, and representation of taxpayers before the Internal Revenue Service. He has provided expert witness testimony in many cases, and has served both as a Court Appointed Receiver and Court Appointed Special Master.

      Greg is an Adjunct Professor with the Golden Gate University School of Taxation in Seattle and lecturers frequently for organizations providing professional education to other tax CPAs. He is a member of the American Society of Certified Public Accountants, and the Washington State Society of Certified Public Accountants.

      About Company

      State of the Art Tax LLC

      State of the Art Tax LLC provides educational services to tax professionals. It offers a wide variety of topics including tax planning, S corporations, real estate, partnerships, choice of entity, and accounting methods.

      Faq

      FAQs content

      • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
      • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
      • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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      • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
      • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
      • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
      • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
      • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
      • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

      Ratings and Review

      4.6

      51 Ratings

      Excellent

      33

      Very Good

      15

      Average

      3

      Poor

      0

      Terrible

      0

      MF

      Monica Frost

      Sep 22nd, 2021

      This course was very informative and the instructor was exceptional. I appreciated the cases he presented and his slides were great!

      JW

      Jay Wettig, CPA (US)

      Dec 2nd, 2021

      I may still looking for some answers to my questions from the Q&A of this course.

      BG

      Beau Glitschka, Accountant

      Dec 15th, 2020

      I appreciated the opportunity and plan to take more courses through this site.

      LZ

      Leona Zanders, EA

      Nov 2nd, 2021

      Great useful information. Audio went out a few times. But overall, great!!!

      AM

      Azhar Malik, CPA (US)

      Dec 23rd, 2020

      One of the best instructor and provided examples

      CRUCIAL INSIGHTS & TAX STRATEGIES ON S CORPORATION

      PREMIUM

      8 Credits

      Subject Area

      Taxes

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