S Corporations Owning Multiple Entities: Mastering Tax Reporting and Planning Opportunities

BarbriSFCourseDetails

Course Details

Course Information

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

Date & Time

event Date
Thursday, July 8, 2021
schedule Time
1:00 p.m. ET./10:00 a.m. PT
timer Program Length
110 minutes

Credit Information

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).

$197.00

CPE

ALL

This course will provide tax advisers with a practical guide to the planning and reporting issues and opportunities that arise when an S corporation owns multiple entities under common control. The panel will discuss the ramifications of an S corporation owning more than one LLC or partnership, as well as S corporations operating in tandem to hold multiple entities. The event will detail the specific reporting requirements of these arrangements, including reconciliation of intracompany transfers. It will offer guidance as to the tax impact of various multi-entity structures under an S corporation umbrella.

Faculty

Robert W. Jamison

Professor Emeritus of Accounting

Indiana University

Mr. Jamison is Professor Emeritus of Accounting at Indiana University, Purdue University, Indianapolis (IUPUI). His principal area of specialization is S Corporations. He is the sole author of S Corporation Taxation, and co-author of Multistate Tax Guide to Pass-Through Entities, both of which are published annually by CCH, a Wolters Kluwer business. He is a regular contributor to Land Grant University Tax Education Foundation, Inc. National Income Tax Workbook and has contributed to Federal Tax Workshop. He presents advanced and update S Corporation seminars for various states' CPA societies and to other professional organizations. He is a member of the AICPA S Corporation Technical Resource Panel. He consults on S corporation and other business entity problems and has secured letter rulings from the IRS.

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Jason Watson

Founding Partner

WCG, Inc

Mr. Watson advises small business owners in creating a map for the future. His focus is on S corporations, self-employment taxes, health insurance issues and retirement planning. He is a published author on tax issues for S corporations and LLCs, Taxpayer’s Comprehensive Guide to LLCs and S Corps.

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Description

Owners of multiple business lines frequently elect to segment individual business units, often under the umbrella of an S corporation. Whether for liability protection reasons, branding strategies, or other tax or business reasons, S corporation owners often will set up separate entities, with the S corporation serving as either a parent or a holding company.

S corporations must make equal distributions to all shareholders; setting up LLCs or other entities under an S corporation umbrella allows business units to adjust income allocations to stay within the S corporation distribution rules. These types of arrangements often work very well for real estate developers and professional service corporations.

Tax professionals must be well versed on the reporting issues unique to multiple business structures involving S corporations. Tax advisers serving multiple entities under an S corporation umbrella must track intracompany transfers and transactions and ensure that neither the downstream nor upstream entities inadvertently jeopardize the company's S corporation election.

Listen as our experienced panel provides a thorough and comprehensive guide to the tax nuances of multiple entities owning S corporations.

Outline

Types of multiple structures under S corporation umbrella to compartmentalize business units
Holding/operating company structure
Multi-tier structures
199A and multi-tier holdings
Selling a QSub
When subsidiary partnerships need to file tax returns

Benefits

The panel will review these and other important issues:

S corps having holding companies for LLCs and partnerships
Considerations when selling a QSub
Merger and acquisition issues involving S corporations acquiring other S corps
Impact of Section 199A on multi-tier holdings

NASBA Details

Learning Objectives

After completing this course, you will be able to:

Identify specific opportunities for using QSubs
Determine an appropriate structure for an S corporation partner in a partnership
Decide the impact of Section 199A on S corporation structures
Ascertain distribution challenges unique to S corporations

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 professional firm experience at mid-level within the organization, preparing complex tax returns, forms and schedules for S corporations and partnerships; supervisory authority over other professionals. Knowledge and understanding of business structures, purchase price allocation, tax indemnification provisions. Familiarity with basic concepts related to assets and stock sales.

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.