This seminar is designed for accountants, attorneys, enrolled agents, CEOs, CFOs, controllers, financial planners and business owners.
This one-day seminar will provide you with a greater understanding of the legislation regarding S corporations and allow you to properly advise your clients, whether you advise them directly on business and taxation issues on a daily basis or simply need to alert them to potential issues. Presented by experienced professionals, this seminar will explore the tax and non-tax benefits of S corporation status, and discuss the various pitfalls you need to be aware of.
This highly informative seminar is designed for attorneys, legal staff, accountants, enrolled agents, estate and financial planners, real estate professionals, lenders and business owners.
8:30 a.m. - 8:40 a.m.
I. Overview Of Topics And Speakers
8:40 a.m. - 10:10 a.m.
II. Choices Of Entity
A. Overview Of Small Business Entity Choices
1. Collecting Data And Information From The Clients
2. The Role Of Counsel To The Entity; Addressing Conflicts Of Interest
B. Relevant Non-Tax Considerations In Business Entity Selection Process
1. Limited Liability; Nature Of Business
2. Management And Control
3. Transferability Of Interest
4. Ease Of Formation
5. Continuity Of Business
6. Facility Of Raising Capital
7. Staging For Public Offerings
8. Owners vs. Employees
C. Forming The Enterprise
1. General Partnerships
2. Limited Partnerships
3. Limited Liability Companies
4. Limited Liability Partnerships
a. Subchapter C
b. Subchapter S
10:10 a.m. - 10:20 a.m.
10:20 a.m. - 11:00 a.m.
III. Tax Considerations In Business
A. Classifications Of Entities For Tax Purposes
B. Check The Box Rules
C. Income Tax Consequences Of Formation
D. Tax Treatment Of Operating Entity And Its Owners
11:00 a.m. - 11:30 a.m.
IV. S Corporation Formation,
Strategies And Pitfalls
A. Requirements In General
B. Shareholder Requirements
C. Stock Requirements
D. The Sub S Election Itself
1. Time Of Filing
2. Manner Of Filing
3. Shareholder Consents
4. Extension Of Time To File
1. How Effected
2. Inadvertent Termination And Reinstatement
F. Corrective Action
11:30 a.m. - 12:45 p.m.
Lunch (On Your Own)
12:45 p.m. - 1:30 p.m.
V. S Corporation Tax Aspects
A. Fiscal Year And Accounting Methods
B. Passive Income And Passive Activity Issues
D. Basis Adjustments
E. Deductibility Of Employee Fringe Benefits
F. Other Deductions
G. Transactions With Related Parties
H. Tax At Corporate Level
2. Built-In Gains
3. Excessive Passive Investment Income
4. Estimated Tax Payments
5. Treatment Of Capital Gains And Losses
I. State Tax Issues
1:30 p.m. - 2:00 p.m.
VI. Estate Planning For S Corporations
2:00 p.m. - 2:10 p.m.
2:10 p.m. - 4:20 p.m.
VII. Panel Discussion (20-Minute
Presentations Followed By
4:20 p.m. - 5:00 p.m.
VIII. Questions And Answers