This two-day course is up to date with all significant legislative, administrative and judicial developments up to the date of presentation. It includes S corporation eligibility and election requirements, basis and other loss limits, taxable and net investment income, distributions compensation, corporate level taxes, terminations and sales of the business.
Introduction and IRS Hotspots. Eligibility for S Corporation Status. Income Measurement and Reporting. Distributions from S Corporations to Shareholders. Compensation and Fringe Benefits. Shareholder Stock and Debt Basis. Accounting Methods and Interest Deduction Limits. Business Interest Limitation. Integration of Multiple Loss Limits. Bankruptcy and Financial Distress. Net Investment Income. Built-In Gains Tax. Passive Investment Income. Changes in Tax Status of Business Entity. Purchase and Sale of an S Corporation. Estate and Succession Planning. Qualified Subchapter S Subsidiaries and Other Multiple Entity Relationships.
Familiarity with individual income tax rules and business entities in general.
Tax practitioners with S corporation clientele, especially those facing transitional problems.
Identify major changes in the taxation of S corporations due to current developments. Interpret selected COVID-19 relief provisions concerning S corporations, and ambiguous issues thereof. Be aware of the key areas of IRS examinations, especially concerning compensation of shareholders, distributions of cash and property and leveraging shareholder basis. Calculate corporate and shareholder items that affect income, loss and basis. Be aware of some pitfalls in electing S corporation status, especially for limited liability companies and other unincorporated entities. Understand certain tax issues related to financial distress of S corporations and shareholders. Calculate corporate level taxes, including the built-in gains tax, and trace the effects to shareholder’s income and basis. Analyze alternatives for purchasing and selling S corporations. Understand certain estate and succession planning opportunities.
Robert Jamison, Robert W Jamison
Robert W. Jamison, CPA, PhD, is Professor Emeritus of Accounting at Indiana University, Purdue University, Indianapolis (IUPUI). His principal area of specialization is S Corporations. He is the author of S Corporation Taxation, and co-author of Multistate Tax Guide to Pass Through Entities, both of which are published annually by CCH, a Wolters Kluwer business. His articles have appeared in various publications including: Practical Tax Strategies, Journal of Passthrough Entities, The Tax Adviser, Journal of S Corporation Taxation, and The Journal of Accountancy. Professor Jamison has taught many professional education programs for national and local accounting firms and has developed material used in their continuing education programs. He has been a lecturer in AICPA programs and has authored several AICPA tax courses. He is a chapter author in the Van-Griner Taxation Series of textbooks. He is a regular contributor to the Land Grant University Tax Education Foundation, Inc. National Income Tax Workbook. He presents advanced and update S Corporation seminars for various states’ CPA societies and to other professional organizations.
Non-Member Price $500.00
Member Price $450.00