S Corporations: Conversions 2024
2.00 Credits
Member Price $89
Non-Member Price $119
Overview
Electing S corporations may find it desirable or necessary to terminate this election and convert to a C corporation. Alternatively, qualifying C corporations may determine the S status as the preferred tax status. With significant current and future tax considerations, terminating or electing S corporation status can be desirable. We’ll consider situations when such conversions are desirable-identifying and discussing tax planning opportunities and complications at conversion.
Highlights
- Reasons to terminate an S corporation election
- Involuntary terminations
- Voluntary revocations the process and the consequences
- Tax planning opportunities related to the termination of S corporation status
- Complications arising from a mid-year termination
- Limitations on re-electing S corporation status
- Making the S corporation election how and why
- Built-in gain planning
Prerequisites
Understanding the basics of taxation of individuals, corporations, S corporations and partnerships.
Designed For
CPAs and attorneys.
Objectives
- Discuss and analyze situations where terminating an S corporation election could be desirable
- Consider common situations where S-election may involuntarily terminate
- Understand the process and tax planning opportunities related to voluntary revocation
- Consider tax result from making the S corporation election-how and why
- Discuss built-in gain tax planning
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 $119
Member Price $89