Recent IRS 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.
Outline
- IRS' S corporation campaign
- Distributions to shareholders
- Losses in excess of basis
- Shareholder debt reporting on Schedule K-1
- The examination process
Benefits
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?
Faculty
Josie Harris-Walton, Esq.
Partner
Quintairos, Prieto, Wood & Boyer
Ms. Harris-Walton is an accomplished attorney with an illustrious reputation in tax law, Ms.... | Read More
Ms. Harris-Walton is an accomplished attorney with an illustrious reputation in tax law, Ms. Harris-Walton is affectionately known as the "TaxPros Attorney." She is renowned for her innovative TaxPros Concierge framework, a solution that ensures tax professionals remain in compliance with the IRS and tax laws, granting them relief for any legal entanglements or imprisonment. Ms. Harris-Walton's educational background is just as impressive, holding a Master of Law in Taxation (LL.M. in Taxation) from DePaul University School of Law. Driven by her passion and dedication to helping tax professionals and businesses resolve complex tax and corporate issues have made her a trusted advisor in the industry. With more than a decade of experience in the legal profession, Ms. Harris-Walton has garnered accolades for her expectational skills, unwavering attention to detail, and client-focused approach. She strives to guide her clients through the intricates of tax and corporate law. Ms. Harris-Walton is committed to helping her clients navigate the often complex and challenging world of tax and corporate world with ease and confidence.
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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.
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