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S Corporation Taxation: Advanced Issues (SCA4)

  • Format Self-Study Download
  • Credits 4.00
  • Level Advanced
  • Field of Study Taxes (Technical) (4)

Overview

This course goes beyond the basics and addresses important practical issues that an experienced practitioner must know about S corporations.



Major Topics:

  • Detailed rules governing basis in the shareholder’s debt and stock
  • AAA
  • Built-in gains incurred from the sale of assets
  • Redemptions and liquidations
  • Compensation planning for shareholders, including planning strategies under the SECURE ACT
  • Tax Cuts and Jobs Act of 2017, including the latest updates under §199A as it shakes itself out

Learning Objectives:

  • Examine operational issues, keeping track of AAA, and how to calculate basis, apply distribution rules, and avoid loss limitations
  • Describe corporate level taxes
  • Describe the rules governing the redemption and liquidation of an S corporation
  • Examine the issues in compensation planning in S corporations, including limitations in a family-controlled business
  • Be familiar with the results of the case studies that reinforce key learning points

Who should take this course:

CPAs whose practices include S corporations and their shareholders

Experience in S corporation tax return preparation

None

Yes

No

No

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