Advanced Tax Planning S Corporations

Description

Understand the intricacies of the ever-popular S corporation form of doing business and consider the tax effect that various types of S corporation distributions will have on the corporation's shareholders.
Updated for the latest guidance on recently enacted tax legislation, this course examines planning and reporting successful complex S Corporation transactions. The uses of Qualified Subchapter S Subsidiaries are also explored to help you minimize your client's tax bill with winning strategies related to this type of entity.

Highlights

• S Corporation current developments: tax planning impact
• Compensation planning
• Basis in S Corporation stock
• Distributions
• Use of qualified subchapter S subsidiaries
• Liquidations, reorganizations, and redemptions
• Estate planning and use of trusts

Objectives

• Interpret the rules relating to the adjustment of basis in stock by S corporation shareholders.
• Calculate the basis limitations on losses. ·
• Apply the rules for cash distributions. ·
• Calculate gain and loss on the distribution of property.
• Apply the corporate reorganization rules to S corporations. ·
• Calculate the tax effect of a redemption of S corporation stock. ·
• Identify the rules relating to the liquidation of an S corporation. ·
• Determine the effect of a shareholder's death on the S corporation. ·

Designed For

Managers and partners in public accounting who assist clients with tax planning for S Corporations



Leaders

Cecil Nazareth

Cecil K. Nazareth, Chartered Accountant, CPA, MBA Norwalk, CT

Cecil Nazareth is a partner with IFRS Partners, a CPA firm with offices in the New York City tri-state area. The firm specializes in international tax and accounting, particularly for SME companies, subsidiaries of foreign parents and HNW families in India and the U.S.

A nationally renowned leader on IFRS Education, training, consulting and conversion, Nazareth is a Chartered Accountant and a US CPA and understands the differences between IFRS and US GAAP having practiced in both arenas. He is also a Professor of Global Accounting at Fordham University in New York City. Nazareth has appeared on ITV's Renee Report and has spoken at the Diamond Jubilee of Indian Chartered Accountants of India (ICAI) on the role of a Global accountant and IFRS. He has conducted several IFRS training sessions including sessions for the ICAI and the Bombay stock exchange CFO magazine and several CPA firms and companies around the world.

Earlier, Nazareth served as the Director of AICPA's Internal Audit and Strategy. In that key role he worked on the AICPA overall strategic goals and organizational development. He worked closely with the CEO on various strategic initiatives.

Previously Cecil worked with AICPA's SEC Practice Section reviewing Technical issues peer reviews of several large CPA firms performing SEC related work. Before joining the AICPA, Cecil was an Audit supervisor at Ernst and Young specializing in the financial services industry. His international experience includes the practice in the Middle East and India. He has an MBA in finance from Fordham University and Information Technology from Columbia University in NYC.

Certificate and Diploma in IFRS from the ICAEW