Surgent's Understanding S Corporation Taxation: Compensation Issues and Entity-Level Taxes
2.00 Credits
Member Price $99
Non-Member Price $119
Overview
Even though they have been around for several years, the tax laws pertaining to S corporations remain some of the more difficult areas of the Internal Revenue Code. In this course, we will examine how S corporations break away from the normal tax rules for flow-through entities. We will explore which employee benefits are disallowed for S corporation shareholders, as well as which taxes are assessed at the entity level. Finally, we will discuss how state level taxation may have changed permanently with the addition of PTE elections.
Highlights
- Reasonable compensation
- Fringe benefits for S corporation shareholders
- Built-in gains tax
- Excess passive income tax
- Notice 2020-75: PTE elections
Prerequisites
None
Designed For
Tax and financial advisors with clients who have formed S corporations
Objectives
- Recognize the factors to consider when evaluating the reasonableness of S corporation shareholder compensation
- Recall which fringe benefits will result in additional W-2 income for S corporation shareholders
- Calculate the built-in gains tax and excess passive income tax
- Identify the federal income tax implications of a PTE election at the state level
Preparation
None
Leader(s):
Leader Bios
David Peters, CPA Crossings, LLC Two Commerce Square
David R. Peters, CPA, CFP, CPCU, MST, MBA Peters Tax Preparation & Consulting, Richmond, VA & Rock Hill, SC David Peters is an independent tax preparer for Peters Tax Preparation & Consulting, and a financial advisor and outside representative for Carroll Financial Associates. He has over fourteen years of experience in financial services, including three years in the hedge fund industry and six years in the insurance industry. David was the first-ever Chief Financial Officer of Compare.com, an insurance price comparison company - a position he held for over three years. He was also instrumental in the early success of Elephant Auto Insurance, a six state auto insurance carrier, located in Glen Allen, VA. He holds four masters degrees, and is currently pursuing his PhD in Financial Planning. He regularly teaches courses in accounting, finance, insurance, financial planning, and ethics in Virginia, North Carolina, and South Carolina. He is an Adjunct Professor in Finance and Accounting at Winthrop University in Rock Hill, SC, and teaches regularly for Kaplan Test Preparation. He contributes regularly to various CPA publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures.
Non-Member Price $119
Member Price $99