S Corporation Taxation: Advanced Issues (SCA4)

Format Self-Study Download
Credits 4.00
Level Advanced
Field of Study Taxes (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 and the various stimulus acts, as applicable

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, in particular after criticism of the Treasury Inspector General for Tax Administration of the IRS efforts to address underreporting of S corporation officer compensation
Be familiar with the results of the case studies that reinforce key learning points

Who should take this course:

Designed for

Accounting and Financial Professionals whose practices include S corporations and their shareholders Prerequisite

Experience in S corporation tax return preparation Advance Preparation

None IRS Approved

Yes CFP Approved

No YellowBook Approved

No