S Corporations - Planning & Tax Strategies Webcast [GGSCOR]

Full Description

S Corporations Planning & Tax Strategies Webcast (GGSCOR)

November 14th, 2023 / 7:00 am 2:30 pm Alaska Time

Live Webcast / Washington Society of CPAs Virtual Classroom

Well take a deep dive into a broad array of tax strategies covering a broad range of strategies including reasonable compensation, cost of converting a C corporation to an S Corporation, how to fix inadvertent S corporation terminations, creating shareholder basis through loans, exit strategies for owners, maximizing the section 199A deduction, and important considerations for preserving S corp status when a shareholder dies.

Major Topics:
- Converting S corps to C corps - Should you convert?
- Reasonable compensation for shareholder-employees.
- Restructuring shareholder loans to increase basis.
- Strategies for restoring terminated S corp status (retroactively).
- The types of debt that provide basis to shareholders.
- Fixing technical violations of S corporations eligibility rules. Maximizing the QBID for S corporations.
- Tax consequences of property distributions from an S corp (including circumstances where ordinary income is triggered).
- Whether shareholders should provide funds through loans or contributions. When clients can get ordinary losses on sales or worthless of S corp stock.
- Exit strategies for S corporation owners.
- Land banks - using S corporations to maximize capital gains on the sale of land that will later be developed.

Learning Objectives:
- Identify situations where S corporations result in a lower Federal tax burden than C corporations.
- Recognize the cost of converting from C corp to S corp status.
- Identify some of the traps that can result in the loss of S corporation status.
- Identify strategies for restoring S corp status retroactively.
- Discover the rules for stock held by estates and trusts, including elections (QSST and ESBT).
- Identify methods to determine reasonable compensation.
- Learn to how to restructure loans to provide basis to a shareholder.
- Learn what actions you can take if an S corp has ineligible shareholders or two classes of stock.
- Identify strategies to maximize the section 199A deduction for clients in the context of S corporations.
- Identify key considerations in making additional contributions to an S corporation.
- Identify when an S corporation is the best choice for new clients.
- Discover methods to provide a step-up to new shareholders - like the step-up that partnerships provide under Schedule743.
- Identify strategies to restructure intercompany debt to provide basis to shareholders.
- Identify the requirements to take ordinary losses on the sale of S corporation stock.
- Explore a wide variety of exit strategies for S corporation shareholders.
- Identify the K-1 conformity requirements that apply to shareholders.
- Identify a method to create an ordinary loss on the sale of S corporation stock.
-Discover the downside of contributing appreciated property to an S corporation.

Designed For: Tax practitioners looking to expand their S corporation tax planning strategies.

CPE Credits: 8, Taxation

Level of Knowledge: Update

Prerequisite: Basic Understanding of S Corporations.

Acronym: GGSCOR

Discussion Leader: Greg White, CPA

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