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Self-StudySELECT STARTING AT $150

Downloadable PDF

Credits: 10

Qualifies For: IRS

$150

Textbook

Credits: 10

Qualifies For: IRS

$165
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  • It was an awesome course. I have recommended it to a couple of CPA friends.

    - A Surgent Customer

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PRIVATE WEBINARS AND LIVE ON-SITE COURSES ARE AVAILABLE. LEARN MORE.

Advanced Critical Tax Issues for S Corporations (ACTS)

  • Customer Rating
  • Field of Study
    Taxes
  • Level
    Advanced
  • Credits
    10
  • Qualifies for

    IRS CPE

Overview

This course goes beyond the basics and addresses important practical issues that an experienced practitioner must know. Even if you have attended other S corporation courses, you will learn something new in this course.

Major Topics:

  • Cases, rulings, and tax law changes affecting S corporations
  • Compensation planning in S corporations, including limitations in a family-controlled business; self-employment tax issues
  • Use of redemptions: still some advantages
  • Planning for the liquidation of an S corporation
  • Tax issues for family ownership of S corporation stock
  • Impact of the tax on net investment income on sales of S corporation stock
  • Stock basis: Loss limitations, AAA, and distribution issues in depth
  • Debt basis: what the regulations on back-to-back loans mean to investors
  • Estate planning for S corporation shareholders, including buy-sell agreements, QSubs, ESBTs, and uses of life insurance
  • Built-in gains: the 5-year recognition period is permanent 
  • S corporation structuring: one class of stock
  • Methods of accounting
  • New legislation on mortgage interest reporting, basis, statute of limitations, and tax return due dates 

Learning Objectives

  • Understand how stock basis, AAA, and other limitations are determined
  • Appreciate how corporation planning can be used in an S corporation to change the effects of the one-class-of-stock rule
  • Understand what S corporation issues are being debated with the Service, settled in courts, and guided by administrative decisions

Who should take this course:

Designed for:

All practitioners and controllers who have attended a basic S corporation course and want to understand more complex issues and their practical implications

Prerequisite:

A basic course in S corporations; some experience in advising S corporations and their shareholders

Advanced Preparation:

None

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