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Advanced Critical Tax Issues for S Corporations (ACTS)

  • Format Live Seminar
  • Credits 8
  • Level Advanced
  • Field of Study Taxes (8)

To register for a live seminar, visit the sponsoring state society’s website.

See Locations for this Course

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:


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

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

None

Yes

Yes

No

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