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Advanced Critical Tax Issues for S Corporations (ACTS)

  • Format Self-Study Download
  • Credits 10
  • Level Advanced
  • Field of Study Taxes (10)

$150.00


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

No

No

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