S Corporations: Tax Planning 2024
4.00 Credits
Member Price $159
Non-Member Price $209
Overview
Identify and discuss various tax planning opportunities related to the operation of a corporate business with an S corporation election. Topics range from annual recurring planning to unusual transactions, such as stock redemptions and the sale of the corporate business.
Highlights
- Overview of the taxation of corporations and shareholders, including making the S corporation election
- Built-in Gain Tax Planning
- Self-employment tax and S corporations
- Distribution tax planning
- Planning to minimize the impact of loss limitations
- Tax planning for years with both distributions and losses
- Termination Planning
- Tax planning regarding the transfer of appreciated assets to an S corporation
- Buying and selling S corporations-tax planning ideas
- Tax considerations of using the QSUB, Section 338(h)(10), or 336(e) elections
- Tax Issues to consider at the death of S corporation shareholder
- Stock redemptions as a tax planning tool
- Accommodating a "non-qualified" investor
- Trusts and tax-exempt shareholders
- The second class of stock risks
Prerequisites
Understanding the basics of S corporation federal tax law.
Designed For
CPAs
Objectives
- Identify built-in gain tax planning
- Understanding how to plan to minimize the impact of the loss limitation rules
- Determining the tax considerations related to buying or selling an S corporation
- Identifying tax planning opportunities at the death of the shareholder of an S corporation
- Determine how to minimize tax related to the distribution
- Tax planning ideas related to transfers of property to S corporation for stock
Preparation
None
Leader(s):
Leader Bios
John McWilliams, CalCPA Education Foundation
<b.John McWilliams, CPA, JD, is Professor of Accounting at Golden Gate University. Previously he was a Professor of Accounting at San Francisco State University. He began his career as a tax adviser with a Big Four CPA firm. For more than 30 years, while teaching, he has been a tax adviser to lawyers and CPAs regarding the tax matters of their clients. Areas of expertise include tax issues related to buying and selling privately held businesses, financially troubled businesses, business restructuring and reorganization and ownership succession to employees or family members. Mr. McWilliams is active in CalCPA, having served as president of the San Francisco Chapter, chair of the Financial Literacy Initiative, a member of the CalCPA Board of Directors serving as Vice Chair. He is currently a member of the Taxation Committee, the Financial Literacy Committe, and the Accounting Education Committee. He has served as a California representative to the AICPA Council and is currently a member of the AICPA Financial Literacy Commission. Mr McWilliams is author of two chapters of the CCH Expert Treatise Library : Federal Taxation of Corporations & Shareholders.
Non-Member Price $209
Member Price $159