Kaplan University School of Professional and Continuing Education Kaplan University School of Professional and Continuing Education

S Corporations: Advanced Issues (SCAI)

(Updated for the Tax Cuts and Jobs Act) 8-Hour Program

WHY ATTEND THIS COURSE?

Though a popular entity form, S corporations present many unique traps that advisers must be aware of. From advising the client as to the appropriateness of an S election, to proper preparation of the Form 1120S and Schedule K-1, to liquidation of the S corporation, this program provides thorough coverage of Subchapter S. Related code sections, regulations, rulings, and court decisions are included and/or cited and explained. The program covers all the special knowledge needed to serve the S corporation client and its owners, including comprehensive coverage of any tax law changes and their planning implications.

DESIGNED FOR...

CPAs with supervisory and tax planning responsibility who work with S corporations. May also be suitable for public practice.

OBJECTIVE

Participants will be able to:

  • Recognize when an S election is the best tax plan
  • Use trusts, non-voting shares, and other planning tools to reduce taxes
  • Establish and defend reasonable compensation for S corporation shareholder/employees
  • Minimize income subject to the 3.8% Medicare Tax
  • Account for S corporation revocations and terminations
  • Reconcile AAA and shareholder basis
  • Coordinate tax planning for the S corporation and owners
  • Apply qualified business income deduction rules to S corporations

MAJOR SUBJECTS

  • S Corp versus partnership or LLC—how many differences remain?
  • Impact of the qualified business income deduction added by the Tax Cuts and Jobs Act on the decision whether or not an entity should be an S corporation
  • Making the election
  • Determination of reasonable compensation
  • Built-in gain, excess net passive investment income, and LIFO recapture
  • Shareholder basis, AAA, OA, and retained earnings
  • Coordination with Subchapter C
  • Redemptions of stock
  • Short tax periods
  • S shareholding trusts
  • Application of the net investment income tax to S Corporations
  • Current S Corporation cases and rulings

COURSE ACRONYM: SCAI

PRESENTATION METHOD: Group-live

LEVEL OF KNOWLEDGE: Intermediate

PREREQUISITES:

  • None

ADVANCE PREPARATION: None

FIELD OF STUDY: Taxes/S Corporations

RECOMMENDED CPE CREDIT: 8 hours


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SmartPros®, A Kaplan Company and Loscalzo Institute, A Kaplan Company are registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.