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S Corporation Tax Planning Strategies

  • AFSP
  • CPA (US)
  • CVA
  • EA
  • Tax Preparer

Published: July, 2021

Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description

Overview

  • Audit Rates (IRS Data Books 2015-2018)
    4 mins
  • S Corp Advantage on Sale
    31 mins
  • Other Instruments
    62 mins
  • Whose Income Is It?
    91 mins
  • Blood from a Turnip
    125 mins
  • Importance of Social Security
    151 mins
  • Pigs Flying - The Selfe case
    183 mins
  • Sole Prop or S Corp?
    215 mins
  • S corp Home Office Expense
    261 mins
  • Basic Rules when an S-H Dies
    303 mins
  • Debt-financed Distributions
    345 mins

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 Tax Strategy 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 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 S-Corp CPA webinar will take an in-depth dive on the special considerations for stock held by estates or trusts of deceased shareholders.

This online CPE webinar covers 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 outcome. 

This online CPE webinar covers 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 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?

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 CPE webinar for CPAs 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. 

This online CPE webinar covers following key topics:

    • 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. 

    Click to access more webinars on Latest Tax Updates | Trust & Estate Planning | Sales & Use Tax 

    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 Online CE Tax Classes Approved by IRS are for CPA, EA, AFSP & All Tax Professionals interested in learning everything about tax laws and tax strategies for S corporation

    Who Should Attend?

    • California Registered Tax Professional
    • Certified Information Technology Professionals
    • Certified Valuation Analysts
    • 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 Tax Professionals (Approval No. GEHNZ-T-00827-21-S)
    • 8 CE Credit of Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00827-21-S)
    • 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-0770)
    • 8 CE Credit of Taxes for Annual Filing Season Program (AFSP)

    Presenter

    About Presenter

    Jason DInesen

    Speaker Dinesen Tax & Accounting, P.C.

    Jason Dinesen (LPA, EA) is an entrepreneur, tax expert, and CPE Presenter. Dinesen brings over 15 years of experience helping individuals and businesses with accounting, bookkeeping, tax preparation, and business advisory in various industries. 

    Dinesen is a regular CPE Presenter at myCPE. He has coached more than 200k+ accounting, taxes, and HR professionals on various topics of accounting, individual taxation, corporate taxation, and professional ethics.  Jason has developed a strong following within the professional community for tax-related subjects. 

    Dinesen is known for sharp tax interpretations, and he quickly brings his analysis of the latest tax updates and IRS guidance to the professional community.

    About Company

    Dinesen Tax & Accounting, P.C.

    www.dinesentax.com

    Unlike some other accounting firms, when Dinesen Tax & Accounting, P.C. says we offer personal service, we mean it. When you come to us with your tax preparation needs, you’ll deal directly with our owner and president, Jason Dinesen. We don’t put administrative staff in the middle of you and our tax expert. That means you’ll always have first-hand knowledge of where things stand, and important information won’t slip through the cracks. We welcome all clients, but especially individuals who want the benefits of a long-term relationship with an accounting firm capable of handling anything that might come along with their taxes. We give all our clients the time, attention, and convenience they should expect. If you have a challenging professional or personal schedule, Jason will accommodate you by meeting whenever – and wherever – works best for you.

    Faq

    FAQs content

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