Electing S corporations may find it desirable or necessary to terminate this election and convert to a C corporation. Terminating S corporations can be desirable with important current and future tax considerations. We’ll consider situations when such conversions are desirable. Identifying and discussing tax planning opportunities and complications at conversion. Also, considers recent and pending legislation.
• 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 a voluntary revocation.
• Evaluate complications related to mid-year termination of S corporation status.
• Discuss and evaluate limitations on re-electing S corporation status.
• Consider recent and proposed legislation which could affect the decision to make or terminate the S corporation election
• 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
• Recent or proposed legislation affecting the decision to terminate the S corporation election
• Making the S corporation election how and why
• Built-in gain planning.
CPAs and attorneys.
Understanding the basics of taxation of individuals, corporations, S corporations and partnerships.
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