CRUCIAL INSIGHTS & TAX STRATEGIES ON S CORPORATION

5 (5)

Greg White

State of the Art Tax LLC

Tuesday, December 22, 2020 | 10:00 AM EST

  • CPA
  • EA
  • CTEC
  • TAX PROS
  • AFSP

Credits: 8 CPE | 8 CE

$80

Subject Area

Taxes

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Additional Dates

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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?

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

      Testimonial

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      AM

      One of the best instructor and provided examples

      BG

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