As they gain more experience, staff are expected to take on more complex assignments with minimal supervision. This program utilizes a case study approach to apply federal tax rules to their S corporation clients. Case studies based on real life examples are the focal point of this course. The case studies allow for group analysis, discussion, and problem solving.

Major Topics:

  • Complete coverage of the tax acts of 2014 and any new legislation enacted before presentation
  • Of the six requirements for S election, which one causes the most terminations, and how to avoid those terminating errors
  • Current procedures to correct a late S Corporation election
  • S Corporations and self-employment tax – how long do we have?
  • The future of the S corporation as an entity choice
  • Deducting losses, stock basis, and loan basis issues
  • Review of recent final IRS regulations regarding “open debt” and the handling and repayment of shareholder loans
  • Is the shareholder “at risk” for properly deducting losses?
  • Computation of the built-in-gain tax and planning opportunities
  • Pass-through of income and expenses to shareholders, including fringe benefit restrictions
  • How to avoid the sting from excess passive investment income
  • Liquidation of the S corporation

Learning Objectives:

  • Prepare more complicated S corporation returns
  • Understand certain advanced concepts of S corporation taxation
  • Protect S corporation clients from falling out of S corporation eligibility

Designed For: Experienced CPAs who desire a comprehensive S corporation course that will enable them to understand reasonably complex S corporation problems and issues; also, CPAs who want a comprehensive, intermediate-level S corporation practice manual
Level of Knowledge: Intermediate
Prerequisite: Basic knowledge of S corporation taxation
Advanced Preparation: None
Credits: 8