S Corporations and Inadvertent Terminations
Navigating Complex Federal Rules for Termination Triggers and Relief
Recording of a 80-minute CLE webinar/teleconference with Q&A
Conducted on Tuesday, October 12, 2010
Recorded event now available
This CLE webinar will prepare tax advisors to avoid inadvertent termination of S corporation elections at the federal level.
Description
Inadvertently terminating an S corporation election, such that the business entity is treated as a C corporation with negative tax consequences, can happen easily and for a number of reasons other than failing to meet the deadline for an election or renewal.
For example, S Corporations must meet detailed and stringent regulations as to the number of shareholders and the characteristics of owners to maintain the election. In addition to mastering federal Sect. 1362, S Corps must also navigate state regulations on inadvertent terminations.
A thorough briefing on the status of federal S corporation termination regulations, and on the potential traps, is invaluable in dealing with this complex area of tax law.
Listen as our panel of experts in pass-through entity tax law analyzes the material terms and key issues with S corporation inadvertent termination regulations and guidance.
Outline
- Current state of federal regs and guidance on inadvertent S corporation terminations
- Violating standards of domestic vs. foreign ownership
- Violating standards for ownership levels
- Missing initial or recertification deadlines
- Where termination issue becomes important in business transactions
- E.g. trust ownership of S corporations
- When S corporation is acquisition target
Benefits
The panel will explore these and other critical areas:
- Events that will lead to an inadvertent termination, involving for example, excess passive investment income, non-resident shareholders, and errors on or changes to forms.
- Differing termination events used by certain states.
Upon completion of this webinar, you will have a better understanding of the events and situations that can lead to an inadvertent S corporation termination— and how to avoid or correct them—under federal Sect. 1362.
Faculty
Sydney S. Traum,
Of Counsel
Levey Filler Rodriguez Kelso & De Bianchi, Miami, Fla.
He is the author of two textbooks, "The S Corporation: Planning & Operation" and "The S Corporation Answer Book," both from Aspen Publishers Inc. He is a member of the American Bar Association Tax Section's S Corporations Committee.
Laura Howell-Smith,
Director
Deloitte Tax, Washington, D.C.
She handles all inadvertent termination relief rulings for her firm, where she specializes in transactional and compliance issues regarding S corporations, trusts and estates. She has nearly 20 years of experience in accounting and formerly worked as an attorney for the IRS Chief Counsel Office of Pass-Throughs and Special Industries.
Ordering
Online Webinar
Includes audio streaming of full program plus handouts (available 24 hours after live seminar).
CPE: Self-study CPE is not offered on online webinars.
Online Seminar Audio $197.00
Available 24 hours after the live event
Recorded Event
Includes full event recording plus handouts (available after live seminar).
CPE: Self-study CPE is not offered on recorded events.
CLE: Pre-approved for self-study credit in: AK, AZ, CA, CT, GA, HI, MO, MT, NY, TX, VT, WA, WV. Upon request, self-study credit is also available in: CO, FL, ID, KY, ME, ND, NE, NH, NM, NV, OR, UT, WI, WY. If you are applying for self-study credit in one of these states, contact Strafford CLE at 1-800-926-7926 ext. 35 or CLE@straffordpub.com.
Webinar Download (Slide Presentation with Audio) $197.00
Available three business days after the live event
DVD (Slide Presentation with Audio) $197.00
plus $9.45 S&H
Available ten business days after the live event
MP3 Download (Audio with Slide PDFs) $197.00
Available 24 hours after the live event
CD (Audio with Slide PDFs) $197.00
plus $9.45 S&H
Available ten business days after the live event
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Customer Reviews
The program had excellent presenters that were extremely knowledgeable.
Lisa R. Volland
Legacy Professionals
Real life examples that we could relate to. Keep up the great work.
Brett Terrebonne
Entergy
This teleconference greatly helped us understand the new challenges.
Andrew Toth
Tronconi Segarra & Associates
I liked that the program went beyond the guidance in the regs to offer a real-world perspective.
Jerry Bourlier
Yazaki Management Co.
I found the presenters to be very experienced and the Q&A's to be particularly useful.
Mike O'Brien
American Eagle Outfitters
Accounting Tax Services Advisory Board
Richard H. Gesseck
Partner
J.H. Cohn
Partner-In-Charge, Internal Audit & Risk Management
Eisner
Lynford Graham, CPA
Professor of Accounting
Bentley University
Shareholder
Roth & Co. CPAs
Curtis Reinhart
Partner
Ernst & Young
Charles (Chip) Schweiger
Audit Services Partner
Grant Thornton
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