S Corporations: Tax Planning Ideas And Strategies

Course Details

Date

Wednesday, January 22, 2020

6:30am – 2:00pm
(Registration: 6:00am)

Field of Study

Taxation

Course Number

4193119G

CPE Credit

8.0 hours CPE credit

Level of Knowledge

Advanced

Vendor

CalCPA Education Foundation

Prerequisites

Basic understanding of the taxation of corporations, S corporations and partnerships.

Description

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 sale of the corporate business. Attendees will consider the 2017 Tax Cuts and Jobs Act changes such as the "qualified business income deduction" IRC 199A.

Materials are provided as an ebook.

Highlights

  • Overview of the taxation of corporations and shareholder including making the S corporation election
  • The decision to elect S corporation status—factors to consider
  • Explanation and analysis of the application of the "qualified business income deduction" (IRC 199A)
  • 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 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 death of S corporation shareholder
  • Stock redemptions as a tax planning tool
  • Accommodating a "non-qualified" investor
  • Trusts and tax exempt exempt shareholders
  • Second class of stock risks
  • S corporation election compared to Section 1202 stock incentive

Objectives

  • Understanding the tax consequences of making the S corporation election to the corporation and shareholders.
  • Understand the application of the "qualified business income" deduction ( IRC 199A).
  • Determining the tax costs and benefits of making or terminating the S corporation election.
  • Identifying self employment / FICA - Medicare tax planning opportunities.
  • Understanding how to plan to minimize the impact of the loss limitation rules.
  • Identifying tax planning opportunities in years with losses and distributions.
  • Understanding tax planning ideas when the S election is terminated.
  • Determining the tax considerations related to buying or selling an S corporation.
  • Determining when to make the QSUB, Section 338(h)(10), or 336(e) elections.
  • Identifying tax planning opportunities at the death of the shareholder of an S corporation.
  • Recall ideas to accommodate a "non-qualified" investor.
  • Understanding the law related to trusts and tax exempt shareholders including ESOP's.
  • To be able to evaluate the risk of disqualification based on a second class of stock.
  • S corporation election compared to the Section 1202 stock tax incentive.

Designed For

CPA's and attorneys.

Course Pricing

Member Fee

Applicable if you are a HSCPA member in good standing.

$245.00
Non-Member Fee

Applicable if you are not a HSCPA member.

$375.00
Your Price $375.00

CPE Choice

Learn more about CPE Choice.
This course does not qualify for CPE Choice.

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