Tax Issues for S Corps: Federal and State Tax Challenges, Planning Considerations for Taxpayers

BarbriSFCourseDetails

Course Details

Course Information

smart_display Format
On-Demand
signal_cellular_alt Difficulty Level
Intermediate
work Practice Area
Tax Law

Date & Time

event Date
Monday, November 25, 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

This CLE/CPE course will guide tax professionals on critical tax challenges and recent developments for S corporations. The panel will discuss key tax law regulations and developments impacting S corporations, IRS guidance, QBI deduction, issues of cash distributions, S corporation eligibility requirements and deferred compensation, and transfers of interest. The panel will also discuss pitfalls to avoid under current tax law and offer tax planning techniques for shareholders.

Faculty

Nima Farzaneh

Partner

Nelson Mullins Riley & Scarborough LLP

Mr. Farzaneh concentrates his practice on assisting businesses with domestic and international tax planning, tax controversy and corporate matters, including entity structuring and governance, choice of entity (including partnerships, limited liability companies, S corporations, and C corporations), finance, tax optimization, reorganizations, mergers and acquisitions, joint ventures, private equity sales and executive compensation, and employee benefit matters. He also counsels clients on forming and investing in Qualified Opportunity Zone Funds and cryptocurrency and decentralized finance, as well as advises clients on cross-border transactions. Mr. Farzaneh also represents individuals and businesses in examinations and appeals before the IRS, U.S. Tax Court and State taxing authorities.

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Marcus E. Dyer

Principal, Team Leader of Tax Controversy

Withum Smith + Brown, PC

Mr. Dyer manages and reviews all aspects of federal and state tax compliance for C-corporation, S corporation and partnership returns, including consolidated C-corporation returns. He advises businesses on a wide array of tax matters including but not limited to reorganizations and employee benefits. He manages and reviews all aspects of the preparation of high net worth individual returns and conducts tax research on federal and state tax issues. He also handles tax controversies, including at the examination, appeals and collections stages.

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Description

S corporations provide significant advantages to shareholders by pass-through taxation. However, tax professionals often fail to recognize crucial distinctions from other pass-through entities and critical issues under current tax law and other recent developments.

Listen as our panel of CPAs and tax attorneys examines the different tax issues of the S corporation that create problems for professionals, whether to retain S corporation status, elect S corporation status and/or convert to C corporation status, the impact of business interest limitations, and a host of other vital issues.

Outline

Brief overview of tax challenges of S corps
Impact of recent regulations and IRS guidance
Challenges related to equity and incentive grants, options, etc.
Transaction planning considerations

Benefits

The panel 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 distributions, class of stock, deferred compensation, and transfers of interest?
What are the factors to consider in determining whether to retain or elect S corp status or convert to C corp?
Should considerations of Sec. 1202 be a part of the analysis?
When selling equity interest in an S corporation, what are the pitfalls?
Under what circumstances is an LLC or partnership entity choice preferred over an S corp?
S corporation compliance with the Corporate Transparency Act

NASBA Details

Learning Objectives

After completing this course, you will be able to:

Identify key tax challenges of S corporations under current tax law
Recognize the impact of the SECURE Act and IRS guidance on S corporations
Ascertain methods in 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.