Description
The use of an S corporation election can dramatically affect the tax consequences of owning a corporate business. This course focuses on the requirements that must be satisfied to make and retain this tax election.
Presenters - John G McWilliams
Designed For
Designed For: CPAs
Role Level - Manager/Senior Manager; Director; Executive/VP; C-Suite; Sole Practitioner
Objectives
- Identify and discuss the requirements that must be satisfied to make the S corporation election
- Recognize complications related to having trusts, estates, tax-exempt and ESOP shareholders
- Review and application of the one class of stock requirement to accomplish continued qualification
- Determine tax planning ideas to accommodate economic participation by disqualified investors
Highlights
- Qualified shareholder requirement
- Trusts as shareholders
- Estates as shareholders
- Qualified tax exempt shareholders
- Tax planning ideas to accommodate economic investments by disqualified investors
- Special rules for counting the number of shareholders
- One class of stock requirement
- Indirect preferences creating risk of failing one class of stock requirement
- Disqualified corporations
- Making an effective S corporation election
- Relief for late or defective elections
- Inadvertent termination relief for involuntary terminations
Advanced Prep
None
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Leaders
CALCPE Panel
No Biography Available