S Corporation Tax Planning Strategies

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 tax 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 Tax Strategy online CPE 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 Online CPE 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 online CPE/CE 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 S-Corp CPA webinar will take an in-depth dive into the special considerations for stock held by estates or trusts of deceased shareholders.

This online CPE webinar covers the following key topics:

• 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 S-Corp webinar for CPA 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 outcomes. 

This online CPE webinar covers the following key topics:

• 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 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; 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 S-Corp CPE webinar will take the topic into a detailed discussion. Further, whether it is in the interest of the shareholders to provide the funds to the company as a loan or contribution.

This online CPE webinar covers the following key topics:

• 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?

• Liquidations, Sales, Exchanges & Redemptions: Identifying the 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.

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.

Recommended For

• This IRS-Approved CE course is recommended for CPAs, EAs, AFSPs, and Other Tax Professionals seeking insights for tax planning for their S Corporation Clients.
• This CPE webinar is good for CFAs, CVAs and Other Finance professionals engaged in tax planning for their clients.
• 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.
  

Who Should Attend?

Webinar Qualifies For

• 8 CE Credit of Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00359-20-O)
• 8 PL Credit for Chartered Financial Analyst (CFA)
• 8 CPE Credit for Certified Valuation Analyst (CVA)
• 8 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
• 8 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0362)
• 8 CE Credit of Taxes for Annual Filing Season Program (AFSP)
• 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/Bookeeper

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