S Corporations: Conversions 2023 WEBCAST

Overview

Electing S corporations may find it desirable or necessary to terminate this election and convert to a C corporation. Alternatively, qualifying C corporations may determine the S status to be the preferred tax status. Terminating or electing S corporation status can be desirable with important current and future tax considerations. We’ll consider situations when such conversions are desirable-identifying and discussing tax planning opportunities and complications at conversion.

Highlights

Reasons to terminate an S corporation election. Involuntary terminations. Voluntary revocations the process and the consequences. Tax planning opportunities related to the termination of S corporation status. Complications arising from a mid-year termination. Limitations on re-electing S corporation status. Making the S corporation election how and why. Built-in gain planning.

Prerequisites

Understanding the basics of taxation of individuals, corporations, S corporations and partnerships.

Designed For

CPAs and attorneys.

Objectives

Discuss and analyze situations where terminating an S corporation election could be desirable. Consider common situations where S-election may involuntarily terminate. Understand the process and tax planning opportunities related to voluntary revocation. Consider tax result from m making the S corporation election - how and the why. Discuss b built-in gain tax planning.

Preparation

None.

Notice

None.