S Corporation Taxation: Advanced Issues - Connecticut Society of CPAs

Overview

This course goes beyond the basics and addresses important practical issues that an experienced practitioner must know about S corporations

Objectives

Examine operational issues, keeping track of AAA, and how to calculate basis, apply distribution rules, and avoid loss limitations

Describe corporate level taxes

Describe the rules governing the redemption and liquidation of an S corporation

Examine the issues in compensation planning in S corporations, including limitations in a family-controlled business, in particular after criticism of the Treasury Inspector General for Tax Administration of the IRS efforts to address underreporting of S corporation officer compensation

Be familiar with the results of the case studies that reinforce key learning points

Highlights

Detailed rules governing basis in the shareholder's debt and stock

AAA

Built-in gains incurred from the sale of assets

Redemptions and liquidations

Compensation planning for shareholders, including planning strategies under the SECURE Act

Tax Cuts and Jobs Act of 2017 and the various stimulus acts, as applicable

Designed For

Accounting and Financial Professionals whose practices include S corporations and their shareholders

Prerequisites

Experience in S corporation tax return preparation

Preparation

None

Notice

By registering for this program and, accordingly, receiving the eMaterials, you’re acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Michael Frost, Surgent McCoy CPE, LLC

Leader Bios

Michael Frost, Surgent McCoy CPE, LLC

Mike Frost, CPA, of Jacksonville, Alabama, provides tax consulting, continuing education, and motivational speaking services through his company, Mike Frost Enterprises. Mike is a former shareholder of MDA Professional Group, PC, where he managed the tax department of the Albertville office. Mike has 31 years of experience in public accounting, including but not limited to: Business and individual income tax preparation and planning; mergers and acquisitions; estate, gift, and trust tax preparation; small business consulting; Medicare planning and other elder care; audit representation; and religious groups and clergy. Mike has conducted CPE engagements and seminars throughout the United States and has served as technical advisor for tax articles in The Sand Mountain Reporter, a local newspaper. Mike has been a featured presenter at the Alabama Society of CPAs Annual Meeting and the Federal Tax Clinic held annually at the University of Alabama in Tuscaloosa. Mike graduated with “high honors and distinction” from Jacksonville State University with a major in accounting, a minor in finance, and a 4.0 GPA. He is a member of the American Institute of Certified Public Accountants and the Alabama Society of Certified Public Accountants. In addition, he is a graduate of the Tax Planning and Advising for Closely Held Businesses Certificate of Educational Achievement Program sponsored by the AICPA.

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