S Corporations: Tax Planning 2024

Overview

Identify and discuss various tax planning opportunities related to the operation of a corporate business with an S corporation election. Topics range from annual recurring planning to unusual transactions, such as stock redemptions and the sale of the corporate business.

Highlights

• Overview of the taxation of corporations and shareholders, including making the S corporation election • Built-in Gain Tax Planning
• Self-employment tax and S corporations • Distribution tax planning • Planning to minimize the impact of loss limitations • Tax planning for years with both distributions and losses • Termination Planning • Tax planning regarding the transfer of appreciated assets to an S corporation • Buying and selling S corporations-tax planning ideas • Tax considerations of using the QSUB, Section 338(h)(10), or 336(e) elections • Tax Issues to consider at the death of S corporation shareholder • Stock redemptions as a tax planning tool • Accommodating a “non-qualified” investor • Trusts and tax-exempt shareholders • The second class of stock risks

Prerequisites

Understanding the basics of S corporation federal tax law.

Designed For

CPAs

Objectives

• Identify built-in gain tax planning • Understanding how to plan to minimize the impact of the loss limitation rules • Determining the tax considerations related to buying or selling an S corporation • Identifying tax planning opportunities at the death of the shareholder of an S corporation • Determine how to minimize tax related to the distribution • Tax planning ideas related to transfers of property to S corporation for stock

Preparation

None