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Event Details

Event Registration - Webinar (CA): S Corporations: Qualification, Election and Termination

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Date:
Monday, November 13, 2017
Time:
11:00 AM - 1:00 PM Mountain Standard Time
Notes: This webinar is produced by California Ed Foundation. You will receive login instructions for your webinar at least two business days prior to the program date. Please note that these instructions will be sent by CALEd along with your CPE certificate upon completion of the webcast.
Overview:

The use of an S corporation election can dramatically affect the tax consequences of owning a corporate business. Focus on the requirements that must be satisfied to make this tax election and the process necessary to make the election. Once the election is made, it can be voluntarily or involuntarily be terminated. Discuss possible relief for inadvertent terminations. Where termination is voluntary, tax planning opportunities will be identified and explained.

Materials are provided as an ebook for this course.

Major Subjects:
  • Qualified shareholder requirement
  • Trusts as shareholders
  • Estates as shareholders
  • Qualified tax exempt shareholders
  • Tax planning ideas to accommodate economic investments by disqualified investors
  • Special rules for counting number of shareholders
  • One class of stock requirement
  • Indirect preferences creating risk of failing one class of stock requirement
  • Disqualified corporations
  • Making an effective S corporation election
  • Relief for late or defective elections
  • Inadvertent termination relief for involuntary terminations
  • Reasons for involuntary termination
  • How to voluntarily revoke an S corporation election
  • Why voluntarily revoke an S corporation election
  • Tax planning related to a planned termination.
  • Re-election after termination
Objective:
  • Identify and discuss the requirements that must be satisfied to make the S corporation election.
  • Recognize complications related to having trusts, estates, tax exempt and ESOP shareholders.
  • Review and application of the one class of stock requirement to accomplish continued qualification.
  • Determine tax planning ideas to accommodate economic participation by disqualified investors.
  • Identify the process that must be followed to make the election, including when the election must be made and the consequences of a defective election.
  • Recognize tax planning opportunities related to a voluntary termination.
  • Identify the possible application of the inadvertent termination rule to avoid an unplanned termination.
  • Recognize limitation on re-electing after a termination.
Designed For:

CPAs and attorneys with at least two years of experience advising privately owned businesses.

Prerequisites:

Understanding the basics of taxation of corporations, S corporations and partnerships.

Advance Preparation:

None.

Vendor:CalCPA Education Foundation
Level:Overview
Member/Nonmember Fees:60 / 94
CPE:Taxes 2 hour(s)
Yellow Book Credit:No
John G. McWilliams, CPA, JD
California CPA Education Foundation

Address:
Webinar
Cancel/Transfer Policy

Cancellation or transfer requests made six(6) business days or more prior to the program, no fee assessed.

Cancellation or transfer requests made two(2) to five(5) business days prior to the program, $25 fee assessed.

Cancellation or transfer requests made one business day prior to the program, $50 fee assessed.

Day of program or no notice of cancellation, 100 percent course fee assessed.

If you transfer from an in-person class course to a webcast, the above policies apply.

Remember, the COCPA reserves the right to cancel a course seven days prior to the program date. Please keep this cancellation policy in mind when making your travel plans and airline reservations. The COCPA will not be liable for flight cancellation penalties due to our cancellation.

To cancel or transfer a course, please contact the Member Services department at 303-773-2877 or 800-523-9082.

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