S Corporation Taxation: Cutting Edge Tax Strategies – Webcast
Online
8.0 Credits
Member Price $310.00
Non-Member Price $385.00
Overview
We’ll 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.
Highlights
- 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 corporation's 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.
Designed For
Tax practitioners looking to expand their S corporation tax planning strategies.
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 Section 743.
- 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.
Leader(s):
Leader Bios
George Koutelieris, Cutting Edge Tax Strategies LLC
George J. Koutelieris, CPA, MS-Tax, is a shareholder in the firm Johnson & Shute P.S. and a Member of Cutting Edge Tax Strategies, LLC. He is also an Adjunct Professor at Golden Gate University teaching various tax courses.
George's practice includes planning and consulting on complex transactions including formations, liquidations, mergers and acquisitions, purchase and sales, multi-state and international tax for closely held businesses and their owners, with a concentration on the real estate industry.
George is a member of the American Institute of Certified Public Accountants and the Washington Society of Certified Public Accountants, where he is a former chair of the WSCPA's Taxation Committee. George is also an active speaker on various tax topics, having presented in the past for all the State Societies on the west coast.
(3/19/21)
Gregory White, Cutting Edge Tax Strategies LLC
Greg White, CPA-WA, has practiced tax accounting for more than 35 years. He is founder, shareholder, and President of CPA firm WGN, P.S. in Seattle, Washington, which serves a successful entrepreneurial client base. He also owns and operates State of the Art Tax, LLC, a tax education company. Greg is in his tenth year as an adjunct professor at the Golden Gate University's Seattle Campus where he teaches capital assets, tax accounting, and individual taxation. Greg is licensed to practice in and has argued cases before the U.S. Tax Court. He has been named "Top 50" IRS Practitioner by CPA Magazine.
Greg has extensively presented tax CPE, predominantly on the west coast, over the last decade and has written and presented live courses and webinars for CCH and others nationally. He has presented tax topics in the Pacific Northwest on TV including spots on KOMO TV, King TV, and Northwest Cable News. He is frequently in contact with Treasury, IRS, and other top government officials in Washington, D.C. as to late breaking guidance from the government and has been involved in making recommendations to them to help practically shape federal tax legislation and administrative guidance.
(11/2/20)
Non-Member Price $385.00
Member Price $310.00