Customer Service: 800-778-7436     

To access your product click the Log In link at the top right of the screen. Once inside your account, you will be able to access your Packages, Self-Study Product, and Webinar Registrations.

Sign In to Your Surgent Account

Forgot Username or Password | Register for an Account

S Corporation Core Tax Issues From Formation Through Liquidation (SCTI)

  • Format Self-Study Download
  • Credits 8.00
  • Level Intermediate
  • Field of Study Taxes (8)

Overview

As experienced staff members master the preparation intricacies of an 1120-S tax return, they are expected to understand and apply the underlying concepts, principles and laws governing S corporation status. This course is designed to illustrate in both theory and practice overarching principles that govern S corporations from formation to revocation, termination and liquidation. Experienced, client-facing staff should be aware of the pitfalls that may inadvertently cause an S-status termination or may generate unintended tax consequences to shareholders.



Major Topics:

  • What exactly is terminating S corporations, including recent rulings
  • Schedules K-2 and K-3 reporting requirements and filing exceptions
  • Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations
  • Shareholder changes Living Trust and causes S termination
  • LLCs electing S status, changing agreement could terminate election
  • Inherited a new client with reporting errors? What are my options?
  • Debt vs. equity and §385; Federal Express battled and won, how do we?
  • Are we to expect SECA tax on pass-through entities?
  • Shareholders losing “substance over form” argument
  • Basis neither increased by phantom income, nor reduced by non-deducted pass-through losses
  • Can I accrue expenses payable to a shareholder? Sure, but can I deduct them?
  • How §179 limitations affect S corp. basis
  • Comparison of liquidation of a C corporation vs. the liquidation of an S corporation
  • Did not timely file Form 2553? A simple method to correct
  • Is there a “flexible standard of law” in regard to closely held entities?

Learning Objectives:

  • Prepare more complicated S corporation returns
  • Understand certain advanced concepts of S corporation taxation
  • Protect S corporation clients from falling out of S corporation eligibility

Who should take this course:

Experienced Accounting and Financial Professionals desiring a comprehensive case approach to understand reasonably complex S corporation issues and problems; also, Accounting and Financial Professionals who want a comprehensive, intermediate-level S corpo

Basic knowledge of and experience with S corporation taxation

None

Yes

No

No

QAS Approval Surgent
IRS Approval Surgent
CFP Approval Surgent
CTEC Approval Surgent
CPE Webinars
CPE Webinars

Thank You!

Thank You! Your subscription has been submitted.