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S Corporations: How to Avoid Common and Often Overlooked Pitfalls (Simple to Complex)

presented by Lorman Education Services
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Summary

S Corporations: How to Avoid Common and Often Overlooked Pitfalls (Simple to Complex)

Workshop Description/Agenda

Benefits
Are you aware of all the requirements that must be met in order for companies to operate as S corporations?Are you aware of all the requirements that must be met in order for companies to operate as S corporations? With tax reform in the rearview mirror, now more than ever, the S corporation is an attractive type of entity in that it offers limited liability for its shareholders while avoiding the double taxation experienced by C corporations. In addition, S corporation income is subject to beneficial tax rates in respect of qualified business income passed through to shareholders. However, there are several rigid requirements that must be met in order for companies to do business as S corporations that, if not met, may result in undesirable consequences. These pitfalls may lead to termination of the S election and additional tax for the corporation or the shareholder, or both. This topic helps you understand the tax rules that govern S corporations and their shareholders and avoid unintended consequences. We will highlight common transactions that have negative, but avoidable, impacts and will also present opportunities for S corporations and their shareholders that exist in the current regulatory environment. This information is critical for you to ensure proper operation of your client's business from a tax perspective and quality tax services for your clients.

Agenda
Corporate and Shareholder Requirements • One Class of Stock • Number • Type Shareholder Basis • Importance of Basis • Stock Basis; Debt Basis Entity Level Taxes • Built-in Gains Tax • Excess Net Passive Income • LIFO Recapture Reasonable Compensation to Shareholder • Reasonable Compensation – Significant Employment Tax Savings by Making Distributions • Unreasonable Compensation M&A Deals Involving S Corporations • Section 338(h)(10) and Section 336(e) • Net Investment Income Tax Considerations New Tax Bill • 20% Deduction of Pass-Through Income • Post-Conversion Distributions • Deferral of Mandatory Repatriation

Faculty
Richard Chou with Blank Rome LLP, Jeffrey M. Rosenfeld with Blank Rome LLP and Andrew Woodman with Blank Rome LLP

Credits
CPE ,Additional credit may be available upon request.

Who Should Attend

This live audio conference is designed for accountants, CEOs, presidents, vice presidents, CFOs, controllers, attorneys, financial planners, business owners, enrolled agents and tax preparers.

Additional Information

Training Provider: Lorman Education Services

Course Topics: Business Training > Corporations, LLCs, LLPs

Training Course Summary: S Corporations: How to Avoid Common and Often Overlooked Pitfalls (Simple to Complex)


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On-Demand Webinar Details

Recorded on 1/31/2019