Tax Strategies for S Corporations in Financial Distress
Mastering Complex S Corp Regulations to Protect Your Tax Position
Recording of a 100-minute teleconference with Q&A
Conducted on Wednesday, July 29, 2009
Recorded event now available
This seminar will explore the details of federal tax regulations relevant to S corps either under financial distress or booking losses. The panel will offer practical solutions for adjusting tax compliance and planning to weather the current economic crisis.
Description
The differences in federal tax rules for S corporations, as compared to C corps and other entities, can be complex enough under normal circumstances. Today's global financial crisis requires that tax advisors and professionals master the intricacies of the IRS regulations for S corps.
Federal code sections relating to cancellation of debt income, restructuring and reorganization, and stock transactions demand the attention of professionals responsible for tax planning and compliance for S corps, their parents and their shareholders.
Depending on the structure and financial health of the S corp, the regulations can either offer relief under the code or create pitfalls to avoid. Tax advisors and executives must also understand the new provisions in the 2009 stimulus legislation to take full advantage of potential tax benefits.
Listen as our panel of tax and accounting professionals analyzes the federal regulations governing COD income, Sect. 368 reorganizations, and stock transactions most relevant to S corp tax departments and their advisors during the financial crisis.
Outline
- Cancellation of debt income issues for S Corps
- Types of transactions that create COD income
- Types of transactions that are excluded under COD income
- Possible reduction in NOLs, other credits
- Restructuring and reorganization strategies for distressed S Corps
- Sect. 368 reorganizations
- E reorganizations
- G reorganizations
- Converting S Corps in parent Q-sub groups
- Troubled debt restructuring tax implications
- Sect. 368 reorganizations
- Tax impact of stock and ownership changes
- Types of transactions that can inadvertently trigger change of ownership, termination of subchapter S election
- Impact of various stock transactions
- Recent changes to laws and regs governing S Corps
- American Recovery and Reinvestment Act of 2009 provisions reducing recognition period for built-in gains on S Corps
- T.D. 9422 on shareholder rules, PCBs, ESTBs
- REG-102822-08 proposed COD income changes
Benefits
The panel will help you navigate complex tax rules for S corporations by:
- Analyzing IRC Sect. 108 rules for S corps that recognize cancellation of debt income.
- Evaluating the various restructuring options under Sect. 368.
- Detailing the tax impacts of stock acquisitions, distributions and ownership changes.
- Breaking down recent regulatory changes for S corp taxation, including provisions from the 2009 stimulus bill.
Faculty
Laura Howell-Smith,
Director
Deloitte & Touche, Washington, D.C.
She specializes in transactional and compliance issues regarding S corporations, trusts and estates. She has more than 18 years of experience in accounting and formerly worked for the IRS Chief Counsel Office of Pass-Throughs and Special Industries.
Jeanne Sullivan,
Senior Manager, National Tax Pass-Throughs Group
KPMG, Washington, D.C.
She joined KPMG in 2006 after eight years with the IRS, working with pass-throughs and special industries as a senior reviewer and assistant branch chief. She belongs to the American Bar Association Taxation Section's S Corporation Committee.
C. Wells Hall, III,
Partner
Mayer Brown, Charlotte, N.C.
He specializes in advising clients on the tax implications of acquisitions, reorganizations, restructuring of business entities, and other transactions. He focuses on using pass-through entities such as S Corps, LLCs and partnerships. He has represented clients before the IRS and the North Carolina Revenue Department.
Ordering
Online Teleconference
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 $247.00
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.
MP3 Download (Audio Only) $247.00
Available 24 hours after the live event
CD $247.00
plus $9.45 S&H
Available ten business days after the live event
NASBA CPE Sponsor
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CPE Credit
Strafford is a NASBA CPE sponsor and our live seminars qualify for CPE credits. They offer you a high quality, cost effective, and convenient CPE option, with no lost travel time or expenses.
Customer Reviews
The back-and-forth between the panelists made the program easy to listen to. The slides were very well done.
Chris Kelly
Mayer Brown
Very interesting, informed us on the most recent updates.
Kristin Thompson
Global Tax Management
I thought that the speakers offered valuable practical insights on the subject of credit bidding.
Allison Rego
Baker & McKenzie LLP
The speakers were obviously experienced and communicated the relevant information very well.
Stephen Bozarth
Dean Mead et al PA
I thought Strafford's program provided good information without being too lengthy.
Erin Aures
McCarter & English LLP
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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