S Corporation Taxation Concepts and Planning Strategies: Part 1 (Half-Day Webinar) (Completed)

Date: Tuesday, December 6, 2022
Instructor: James R. Hamill
Begin Time:  8:00am Pacific Time
9:00am Mountain Time
10:00am Central Time
11:00am Eastern Time
CPE Credit:  4 hours for CPAs
4 hours Federal Tax Related for EAs and OTRPs
4 hours Federal Tax Law for CTEC

The most popular form of business entity is the S corporation. S corporations create special reporting and transactional issues because they follow the “entity” approach applicable to all corporations. The tax result can be a combination of provisions found in subchapter C and subchapter S. For this reason, although both partnerships and S corporations are flow through entities, the tax result of similar transactions can be very different in the two entity types.

This session is “Part I” of a two-part program on the taxation of S corporations and their shareholders. This session will review many of the basic provisions of subchapter S and will help prepare both staff and management for dealing with more complex tax concepts applicable to both S corporations and their shareholders.

In this four-hour course, nationally recognized tax expert and instructor James Hamill, CPA, Ph.D., will explain the taxation of S corporations by use of commonly encountered transactions. The session will generally follow a “life cycle” approach, beginning with a review of what “entity” concepts mean and then leading into the formation of an S corporation. It will then begin to address common transactions that S corporations engage in during their “lives.”

Topics Covered

  • Entity Approach
  • S election mechanics
  • Curing defective elections
  • Types of permitted shareholders
  • Single class of stock and capital structure issues
  • Straight debt uses and requirements
  • Formation tax issues — corporation and shareholder
  • Allocations of Profit and Loss
  • Allocations when ownership changes
  • Separately-stated items
  • Distributions from S corporations
  • Redemptions of S corporation stock
  • PPP loan issues — deductions, basis adjustments, AAA, and OAA

Learning Objectives

  • Determine the consequences of forming an S corporation
  • Identify key tax reporting issues
  • Describe how to select an accounting period
  • Identify how to articulate allocations of profit and loss
  • Determine how to structure liabilities to create basis
  • Recognize how to explain the rules affecting S corporation distributions
  • Describe the entity approach and why it matters


Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites

Advance Preparation

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