Live Stream: S Corporations - Key Issues, Compliance and Tax Strategies
341 | Livestream | Basic | Scheduled
Description
The S corporation form is often misunderstood. With a solid foundation in S corporation taxation, you can explain to clients how they can use the tax status to their advantage. You'll become prepared to explain the benefits and drawbacks of electing S corporation status and why business taxpayers may favor pass-through entity treatment over the C corporation. This course will give you the knowledge you need to speak effectively to potential business clients and existing shareholders about the S corporation business model that may work for them.
Credits
| Number of Credits | Type of Credits |
|---|---|
| 8.00 | Taxes |
| 6.75 | CLE |
Designed For
Public accounting firm staff and senior associates, CPAs, S corporation tax filers
Highlights
- Advantages and disadvantages of S corporations
- Electing S corporation status
- Termination of S corporation status
- S corporation tax on built-in gains
- S corporation pass-through to shareholders, basis and losses
- S corporation distributions
- Taxable year of S corporations
- S corporation passive activity rules, fringe benefits and other considerations
Objectives
When you complete this course, you will be able to:
- Recognize when an S corporation may be advantageous for a business
- Identify the potential disadvantages of operating as an S corporation
- Identify permitted fiscal years, elections and user fees
- Recognize when the selection becomes effective
- Identify shareholder consent rules and causes of invalid elections
- Recognize events causing involuntary termination
- Recall the path to making a new election after termination
- Recognize when an S corporation is subject to tax at the entity level
Prices
- Member (Early Bird)
- $309.00
- Non-Member (Early Bird)
- $429.00
- Member
- $309.00
- Non-Member
- $429.00
Instructors
Deborah Phillips
Deborah A. Phillips, CPA, MST, operates her own tax controversy practice where she specializes in partnership and S corporation tax law as well as IRS audits and procedures.
Debbie has been very successful petitioning and resolving tax issues under the jurisdiction of the United State Tax Court. She is proficient in the Section 199A provisions and computations as well as all aspects of the Tax Cuts and Jobs Act of 2017. She works with various CPA firms during tax season preparing all types of tax returns.
In addition, she utilizes her forensic accounting skills for tax preparation of clients involved in potential IRS criminal prosecution.
Debbie retired from the Large Business and International Division (LB&I) of the Internal Revenue Service (IRS), where she was a Senior Manager in the Flow Through Issue Practice Group (IPG). The IPG specializes in S corporation and partnership tax issues for LB&I.
Debbie worked for the IRS for over 32 years. She has extensive accounting and taxation knowledge of individual, corporate, and partnership federal tax returns. She was the Operations and Technical Assistant to the Deputy Commission International, the Technical Assistant to the Director of PFTG, a Territory Manager in the Retail, Food and Pharmaceuticals Industry, a Team Manager in the Heavy Manufacturing Industry, and the IRC Section 263A Technical Advisor.
Debbie taught graduate and undergraduate courses in accounting and taxation as an adjunct faculty member at Delaware State University, Wilmington College, and Goldey-Beacom College. She has been a seminar presenter for approximately 20 years as well as a textbook author.
In 2015 through 2018, she received the Surgent Outstanding Discussion Leader Award because of her consistently high evaluations for knowledge and presentation skills. Debbie earned her master's degree in taxation from Widener University.
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