This unique program draws upon the author’s perspectives from writing the CCH treatise, S Corporation taxation. Currently, the 30th edition is in process. It also includes real-world problems faced by the author in his active consulting practice and observations from his testimony before the IRS, which resulted in an amendment to a final regulation.
Identify obstacles to electing S corporation status for newly formed businesses, unincorporated entities, and prior C corporations. Identify troublesome rules for trusts as S corporation shareholders. Understand possible tax consequences of canceling S corporation’s debts provided by the Paycheck Protection Program and financially distressed entities, including disclosure statements. Integrate the little-known changes to the treatment life insurance policies with shareholder basis adjustments and AAA.
Determine alternatives for structuring multiple business entities. Compare the alternatives for structuring sale and purchase agreements for S corporation stock or assets. Distinguish between the performance requirements of preparation, compilation and review engagements. Identify key concepts and techniques of interpersonal behavior and communication. Recall the importance of professional skepticism and identify when and how to use professional judgment and skepticism in the audit. Recall the basics of the audit risk model, including assertions. Recognize the different qualities of audit evidence and the techniques used to obtain evidence in order to form an opinion on the financial statements and related disclosures. Identify the purpose and importance of audit documentation and the fundamental principles and their application.
Eligibility problems, including special problems for unincorporated entities. Shareholder requirements, including trusts. New compliance problems, including required accounting methods, attribution, and an unworkable tax shelter rule. Late and defective election relief for S corporations, Qualified Subchapter S Subsidiaries, and trusts.Financial distress problems of S corporations and shareholders.
Tax practitioners with S corporation clientele, especially those facing transitional problems, including: Estate planning; Changes in shareholders; Planning for sale or purchase of an S corporation; Restructuring a single or multiple entities, PPP loan and forgiveness timing issues, Required accrual method and business interest limitations; and, Other developing areas of concern.
Extensive tax preparation and advising of closely-held businesses and their owners.