CPE Packages (Incl. Ethics) for Multiple States and Qualifications Available. Price $4/credit - CLICK HERE to view.

PASS-THROUGH ENTITIES HELD BY TRUSTS

4.5 (85)

Steve Gorin, CPA

Thompson Coburn LLP

Tuesday, August 11, 2020 | 01:00 PM EDT

  • CPA
  • EA

2 Credits

FREE

Subject Area

Taxes

Webinar Qualifies For

2 CPE credit of Taxes for all CPAs

2 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-T-00224-20-O)

2 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273) (Approval No. 6273-CE-0229)

2 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-T-00224-20-O)

2 CE credit of Federal Tax for Oregon Tax Preparers (Approval No. GEHNZ-T-00224-20-O)

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

Upcoming Webinars

employment law in a nutshell – guidance for your business

(1)

Jun 18, 2021 | 09:00 AM EDT View Details

irs tax practice & procedure introduction

Jun 18, 2021 | 09:30 AM EDT View Details

differences between ifrs and gaap

(4)

Jun 18, 2021 | 09:30 AM EDT View Details

addressing single audit quality in a covid-19 era

Jun 18, 2021 | 09:30 AM EDT View Details

advance irs learning: multiyear non-filing, criminal investigation, voluntary disclosure, whistleblower claims etc.

(2)

Jun 18, 2021 | 10:00 AM EDT View Details

tax strategies for real estate: crucial insights: acquisition and depreciation strategies

(5)

Jun 18, 2021 | 10:00 AM EDT View Details

keys to maintaining an effective and strong internal audit department

(1)

Jun 18, 2021 | 10:00 AM EDT View Details

best tax return workshop on s corporation (1120s) - latest

(3)

Jun 18, 2021 | 10:00 AM EDT View Details

are you creating legal liability when you hire or recruit online? - covid -19 special

(37)

Jun 18, 2021 | 10:00 AM EDT View Details

annual federal tax update - c & s corporations, partnerships & llcs (forms 1120, 1120s & 1065)

Jun 18, 2021 | 10:00 AM EDT View Details

yellow book boot camp - nfp and governmental accounting & auditing update

(1)

Jun 18, 2021 | 10:00 AM EDT View Details

partnership preparation, basis calculations & distributions–form 1065 schedule k & k-1 analysis

Jun 18, 2021 | 08:00 AM PDT View Details

comprehensive tax strategies & insights on real estate

(3)

Jun 18, 2021 | 08:00 AM PDT View Details

internal controls for businesses

(2)

Jun 18, 2021 | 08:00 AM PDT View Details

maximizing home office deduction (covid special - latest)

(7)

Jun 18, 2021 | 11:30 AM EDT View Details

Course Description

An S corp. is a legal entity just like a C corporation, but it has several distinct advantages. An S corp. provides shareholders with limited liability protection, and it is not subject to double taxation because profits and losses are divided between the shareholders and reported on individual income tax returns. An S corp. also has restrictions that do not apply to C corporations, including limits on who can own shares. If you manage a trust, an S corp. may be a good investment, provided that the trust can legally hold title to the company's shares. 

The primary reason for ownership restrictions is to ensure that the business's generated income is reported to the International Revenue Service (IRS) each year. Because S corporations do not pay taxes on income generated by the company, individual owners must report the income on their tax returns. Only estates, individuals, and certain trusts can own shares in an S corp. Corporations, partnerships, and non-resident aliens cannot own stock.

This course delves into the consequences of trusts owning interests in S corporations and partnerships. This webinar would cover : 

  • Which trusts are eligible to hold S corporation stock and how they are taxed. 
  • How K-1 income and distributions can have a mismatch and what to do about that mismatch.
  • Planning for the passive loss rules and net investment income (NII) tax.
  • How to plan and deal after-the-fact when the pass-through entity is sold.
  • Fixing Missed S Corporation Elections
  • Qualified Subchapter S Trusts (QSSTs)
  • Electing Small Business Trusts (ESBTs)
  • Trapped Partnership K-1 Income 
  • Passing Depreciation to Beneficiaries 

Learning Objectives

  • To identify Trusts that can hold S corporation stock, including grantor trusts, qualified subchapter S trusts (QSSTs), and electing small business trusts (ESBTs), the deadlines for QSST and ESBT elections, and what to do when the deadline is missed
  • To recognize how K-1 income can get trapped inside a trust and how to deal with paying taxes and beneficiaries' demands for income
  • To identify the rules for passing depreciation deductions to beneficiaries, even when that exceeds income distributed to them
  • To recognize how trustee material participation works, including what the Frank Aragona Trust case did and did not say
  • QSST taxation when an S corporation is sold, and general income tax consequences when a non-grantor trust or estate reports the sale of a business

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Entrepreneurial CPA
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Young CPA

Testimonial

Array
(
    [no_of_record] => 85
    [average] => 4.4588
)
 

4.5

(85)
54%
38%
8%
0%
0%