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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Law

Date & Time
  • event Date

    Friday, October 4, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$347.00
CLE
CPE
ALL

This CLE/CPE webinar will provide tax professionals an in-depth analysis of the tax treatment of S corporation distributions and key planning techniques for shareholders. The panelist will discuss key factors in determining the taxability of distributions of cash and property, shareholder loans, salary versus income distributions, increases and decreases of shareholder basis, and other key issues regarding the taxation of S corporation distributions.

Faculty

Eric Homsi
Counsel
Crowell & Moring

Mr. Homsi is a counsel in the firm's Tax Group, resident in the New York office. His practice concentrates primarily on advising public and private companies with respect to business tax issues associated with structuring, negotiating, and executing domestic and cross-border acquisitions, divestitures, and restructurings. Mr. Homsi also counsels clients on tax issues associated with real estate investments and joint ventures, equity and debt securities offerings, and other transactions where tax considerations play an important role. In addition, he assists multinational businesses with inbound and outbound tax planning and strategy.

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Description

S corporations provide significant advantages to shareholders but involve careful tax planning to minimize unintended tax liability. Tax professionals often fail to recognize crucial distinctions from other pass-through entities and critical issues for distributions of cash and property to shareholders under current tax law.

Specific aspects of S corps with potentially significant tax implications include the treatment of contributing shareholder tax basis, distributions, shareholder loans, and transfers. Advisers must also consider issues regarding salary versus income distributions, Sec. 163(j) limitations, other provisions under current tax rules, and related IRS guidance.

Tax professionals must be mindful of the nuances of current tax law and the distinctions of S corporations compared to other pass-through entities.

Listen as Eric Homsi, Counsel at Crowell & Moring, examines key factors in determining the taxability of distributions of cash and property, shareholder loans, salary versus income distributions, increases and decreases of shareholder basis, and other key issues regarding the taxation of S corporation distributions.

Outline

  1. Tax challenges of S corporations
  2. Recent regulations and IRS guidance
  3. IRC Section 163(j)
  4. Distributions and transfers of interest

Benefits

The panelist will review these and other key issues:

  • What are the critical tax challenges of S corporations under current tax law?
  • What issues arise for cash and property distributions and transfers of interest?
  • What is the impact of Sec. 163(j) limitations?
  • When selling equity interest in an S corporation, what are the pitfalls?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify key tax challenges of S corporations under current tax law
  • Ascertain methods for handling tax issues for cash distributions, class of stock, deferred compensation, and transfers of interest
  • Ascertain practices to overcome problems relating to determining QBI deduction for S corporations
  • Understand the impact of Sec. 163(j) limitations and carried interest regulation

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules, supervising other preparers/accountants. Specific knowledge of Subchapter S rules and operations; familiarity with passive income rules and concept of built-in gain.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).