MATERIALS: Printed materials will be available the day of the course.
INSTRUCTOR: Steven J. Tillinger, CPA
DESCRIPTION: This course will bring you up-to-date on the important tax issues affecting your clients operating as S corporations. S corporation taxation can be complicated. Congress, by enacting stiffer tax return preparer penalty rules has said, in essence, that you must be a knowledgeable tax preparer of these returns. Your instructor will address the important tax issues ranging from classification and formation to operations, distributions and dispositions, and terminations and liquidations. Learn when to use S corporations and why S corporations are the #1 business entity choice. While there are no prerequisites, parts of the course will seem basic, intermediate, or advanced, depending on your familiarity in the area.
As a participant, you will receive an excellent resource, Practical Guide to S Corporations, a 779-page seventh edition textbook published by CCH, Inc. The textbook is comprehensive, clearly written and provides practical guidance on this complex subject. Your instructor says this is his "go to" book on S corporation tax issues and, by itself, is worth the price of admission. Your instructor, Steven J. Tillinger, CPA, receives excellent evaluations in this course. He is known for making tax interesting and making highly technical material understandable. Sign up now for this highly-rated, popular course.
PURPOSE/OBJECTIVE: To review the rules on the federal income taxation of S corporations and to provide an update of recent developments.
PROPOSED AUDIENCE/DESIGNED FOR: Tax practitioners, whether working in public accounting or in private industry, who need to understand the federal income taxation of S corporations.
COURSE OVERVIEW: The course is designed for practitioners who need to understand S corporation taxation. Topics to be covered will be selected from the following:
• Legislative Update
• Tax Considerations in Electing S Corporation Status
• Comparisons to Other Business Entities
• Requirements to be an S Corporation
• Filing an S Corporation Election
• Taxation of S Corporations’ Shareholders: Pass-Through and Allocation Principles
• Taxation of S Corporations’ Shareholders: Tangible Property Regulations
• Taxation of S Corporations’ Shareholders: Self-Employment Tax Issues
• Taxation of S Corporations’ Shareholders: Medicare Contribution Tax Issues
• Taxation of S Corporations’ Shareholders: Basis and Other Limitations on Losses
• Taxation of S Corporations: When a C Corporation Elects S Status
• Taxation of S Corporations: Accounting Methods
• Taxation of S Corporations: Distributions and the Accumulated Adjustments Account
• Taxation of S Corporations: Termination of the S Election
STATED LEARNING OBJECTIVES:
• To review the tax rules affecting the formation and operation of an S corporation.
• To update the tax practitioner on recent developments in federal income taxation of S corporations.
• To recognize planning opportunities due to changes in federal income tax law.
• To prepare the tax practitioner for discussions with clients on important issues in this area of tax law.
• To help the tax practitioner understand their reporting responsibilities.
PREREQUISITES: No advanced preparation is necessary. Some basic knowledge of S corporation taxation and some tax preparation experience would be helpful.
DELIVERY METHOD: Group live.