In this course, participants use one continuous sample case to apply federal tax rules to their clientÂ’s closely held corporation and shareholder problems. The case starts with a sole proprietor and follows the family business owners through the incorporation decision, multiple corporation issues, fringe benefit planning, personal holding and accumulated earnings planning, and ends with transition-of-ownership issues including the complete liquidation of the closely held corporation. Participants will be able to understand tax saving and planning opportunities during the entire life cycle of a typical small business.

Major Topics:

  • Complete coverage of any new legislation targeting corporations and their shareholders
  • Follow one case study from the incorporation decision, fringe benefit, compensation, and retirement planning to transition of ownership options and final liquidation
  • Corporate taxation issues including AMT and small business relief
  • Multiple corporation considerations
  • Compensation problems and fringe benefit overview and update
  • Penalty taxes – accumulated earnings and personal holding company problems
  • Corporation distributions, buy-sell agreements, redemptions, and liquidation

Learning Objectives:

  • Understand major issues in preparing Form 1120
  • Master in detail the preparation potential issues such as alternative minimum tax, personal holding company, and accumulated earnings
  • Understand many fringe benefits available to C corporations
  • Understand succession planning uses of buy-sell agreements and recognize issues associated with liquidation

Designed For: Experienced CPAs desiring a comprehensive case approach to understand reasonably complex closely held corporation issues and problems; also, CPAs who want a comprehensive, intermediate level closely held corporation practice manual
Level of Knowledge: Intermediate
Prerequisite: None
Advanced Preparation: None
Credits: 8