Electing S corporations may find it desirable or necessary to terminate this election and convert to a C corporation. We’ll consider situations when such a conversion is desirable.
Identify and discuss tax planning opportunities and complications at conversion. Limitations on re-electing S corporation status are discussed and evaluated. Also, consider 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 complication 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 terminate the S corporation election
Reasons to terminate an S corporation election
Voluntary revocations the process and the consequences
Tax planning opportunities related to termination of S corporation status
Complications arising from a mid-year termination
Limitations on re-electing S corporation status
Recent or proposed legislation affecting decision to terminate the S corporation election
CPAs and attorneys.
Understanding the basics of taxation of ndividual, corporations, S corporations and partnerships.