IRS New S Corporation Initiative: Losses in Excess of Basis, Taxable Distributions, Handling the Examination
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will discuss what the IRS expects to find in its audit of Subchapter S corporations. Our panel of tax experts will focus on complying with current basis, distribution, and documentation requirements and explain how to handle a Subchapter S examination for tax practitioners working with these entities and their shareholders.
- IRS' S corporation campaign
- Distributions to shareholders
- Losses in excess of basis
- Shareholder debt reporting on Schedule K-1
- The examination process
The panel will review these and other key issues:
- Whether loans can be used to increase an S corporation shareholder's basis
- How built-in gains are calculated and taxed
- How to calculate and document shareholders' basis in S corporations
- What increases a shareholder's chance of being selected for an audit?
- How can taxpayers best prepare for an IRS examination of S corporation records?
Owner & Managing Partner
The Walton Firm
Ms. Harris-Walton brings her many years of corporate and tax law experience from practicing with non-profits to... | Read More
Ms. Harris-Walton brings her many years of corporate and tax law experience from practicing with non-profits to big firms, as well as her calm and poise to every client’s corporate and tax law solutions.Close
David J. Warner
Tax Attorney, Shareholder & Managing Principal
Holtz, Slavett & Drabkin
Mr. Warner is a Tax Attorney and the Managing Attorney of the Orange County Office of Holtz, Slavett &... | Read More
Mr. Warner is a Tax Attorney and the Managing Attorney of the Orange County Office of Holtz, Slavett & Drabkin. He has over 10 years of experience practicing in all aspects of tax controversy including tax audits, collection defense, and litigation in the U.S. Tax Court, U.S. District Court, and the Court of Federal Claims. He represents taxpayers in cases involving income tax, estate tax, gift tax, employment tax, collection issues, innocent spouse, penalties, and bankruptcy tax issues. He also represents taxpayers before the California Franchise Tax Board (FTB), Department of Fee and Tax Administration (CDTFA, formerly State Board of Equalization (BOE)), and Employment Development Department (EDD). He has particular expertise in tax matters involving individuals and small businesses, the examination of partnerships and S corporations, and offshore tax compliance issues, including the Report of Foreign Bank and Financial Accounts (FBAR), civil fraud, and offshore information return penalties.Close
Access Anytime, Anywhere
CPE credit is not available on downloads.