Self-Study: Surgent's S Corporation Core Tax Issues From Formation Through Liquidation

Overview

This course is available until April 30, 2025.

As experienced staff members master the preparation intricacies of an 1120-S tax return, they are expected to understand and apply the underlying concepts, principles and laws governing S corporation status. This course is designed to illustrate in both theory and practice overarching principles that govern S corporations from formation to revocation, termination and liquidation. Experienced, client-facing staff should be aware of the pitfalls that may inadvertently cause an S-status termination or may generate unintended tax consequences to shareholders.

Highlights

• What exactly is terminating S corporations, including recent rulings
• Schedules K-2 and K-3 reporting requirements and filing exceptions
• Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations
• Shareholder changes Living Trust and causes S termination
• LLCs electing S status, changing agreement could terminate election
• Inherited a new client with reporting errors? What are my options?
• Debt vs. equity and §385; Federal Express battled and won, how do we?
• Are we to expect SECA tax on pass-through entities?
• Shareholders losing substance over form argument
• Basis neither increased by phantom income, nor reduced by non-deducted pass-through losses
• Can I accrue expenses payable to a shareholder? Sure, but can I deduct them?
• How §179 limitations affect S corp. basis
• Comparison of liquidation of a C corporation vs. the liquidation of an S corporation
• Did not timely file Form 2553? A simple method to correct
• Is there a flexible standard of law in regard to closely held entities?

Prerequisites

Basic knowledge of and experience with S corporation taxation

Designed For

Experienced Accounting and Financial Professionals desiring a comprehensive case approach to understand reasonably complex S corporation issues and problems; also, Accounting and Financial Professionals who want a comprehensive, intermediate-level S corp.

Objectives