S Corporations: Advanced Workshop Webcast [SCAW]

Full Description

S Corporations: Advanced Workshop Webcast (SCAW)

December 1st, 2021 / 7:00 am 3:00 pm Alaska Time

Overview:
This unique program draws upon the authors perspectives from writing the CCH treatise, S Corporation taxation. Currently, the 30th edition is in process. It also includes real-world problems faced by the author in his active consulting practice and observations from his testimony before the IRS, which resulted in an amendment to a final regulation.

Learning Objectives:
- Identify obstacles to electing S corporation status for newly formed businesses, unincorporated entities, and prior C corporations.
- Identify troublesome rules for trusts as S corporation shareholders. Understand possible tax consequences of canceling S corporation's debts provided by the Paycheck Protection Program and financially distressed entities, including disclosure statements.
- Integrate the little-known changes to the treatment life insurance policies with shareholder basis adjustments and AAA.
- Determine alternatives for structuring multiple business entities.
- Compare the alternatives for structuring sale and purchase agreements for S corporation stock or assets.
- Distinguish between the performance requirements of preparation, compilation and review engagements.
- Identify key concepts and techniques of interpersonal behavior and communication.
- Recall the importance of professional skepticism and identify when and how to use professional judgment and skepticism in the audit.
- Recall the basics of the audit risk model, including assertions.
- Recognize the different qualities of audit evidence and the techniques used to obtain evidence in order to form an opinion on the financial statements and related disclosures.
- Identify the purpose and importance of audit documentation and the fundamental principles and their application.

Highlights:
- Eligibility problems, including special problems for unincorporated entities.
- Shareholder requirements, including trusts.
- New compliance problems, including required accounting methods, attribution, and an unworkable tax shelter rule.
- Late and defective election relief for S corporations, Qualified Subchapter S Subsidiaries, and trusts.
- Financial distress problems of S corporations and shareholders.
- New auditors role in an engagement
- Key communication skills
- Working papers and documentation
- Audit risk model
-Professional Skepticism

Designed For: Tax practitioners with S corporation clientele, especially those facing transitional problems, including: Estate planning; Changes in shareholders; Planning for sale or purchase of an S corporation; Restructuring a single or multiple entities, PPP loan and forgiveness timing issues, Required accrual method and business interest limitations; and, Other developing areas of concern.

CPE Credits: 8, Taxation

Level of Knowledge: Advanced

Prerequisite: Extensive tax preparation and advising of closely-held businesses and their owners.

Acronym: SCAW

Discussion Leader: Robert Jamison