Advanced Tax Planning S Corporations - Tax Staff Essentials

Overview

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Help S corporation clients with tax planning

Understand the intricacies of the S corporation form of doing business and consider the tax effect that various types of S corporation distributions will have on the corporation's shareholders.

Learn about planning and reporting successful complex S corporation transactions, updated for the latest tax legislation. Explore the uses of qualified subchapter S subsidiaries to help you minimize your client's tax bill with winning strategies related to this type of entity.

This course provides CPE in the Taxation field of study.

Highlights

Key Topics

• Basis in S corporation stock
• Distributions
• Compensation planning
• Qualified subchapter S subsidiaries
• Liquidations, reorganizations, and redemptions
• Estate planning and the use of trusts
• Section 199A

Prerequisites

Completion of AICPA’s course S Corporations: Key Issues, Compliance, and Tax Strategies or equivalent knowledge and experience

Designed For

Who Will Benefit

• Managers and partners in public accounting firms
• CPA sole proprietors specializing in taxation of S corporations
• Tax planning professionals

Objectives

Learning Outcomes

• Interpret the rules relating to the adjustment of basis in stock by S corporation shareholders.
• Calculate gain and loss on the distribution of property and apply the rules for cash distributions.
• Identify the distribution ordering rules when an S corporation has accumulated earnings and profits (AE&P).
• Identify the rules concerning fringe benefits received by S corporation shareholder-employees.
• Apply the rules relating to qualified subchapter S subsidiaries (QSubs).
• Apply the corporate reorganization rules to S corporations and identify the rules relating to the liquidation of an S corporation.
• Calculate the Section 199A deduction and subdivide activities into SSTBs and non-SSTBs.
• Determine whether an S corporation is the optimal entity based upon a given set of facts and circumstances.