Resolving Inadvertent Terminations of S Status: New Rev Proc 2022-19 Relief, Second Class of Stock, Form 2553 Errors
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This webinar will review the many ways an S corporation can lose its S status, which requires private letter rulings (PLRs) to correct, and utilizing Revenue Procedure 2022-19 to facilitate corrections. Our panel of seasoned S corporation advisers will walk you through examples of common oversights and applying the relief offered by this new Revenue Procedure.
Outline
- Inadvertent terminations: introduction
- Acts resulting in termination of S status
- Acts that do not result in termination of S status
- Revenue Procedure 2022-19
- Private letter rulings
- Correcting other S status errors
- Best practices
Benefits
The panel will cover these and other critical issues:
- Correcting inadvertent errors made on Form 2553, Election by a Small Business Corporation
- How provisions in LLC agreements can create a second class of stock when an S election is made
- Applying Rev Proc 2022-19 when an election was terminated due to "non-identical governing provisions" when an LLC elects S status
- What acts do and do not result in inadvertent termination of S status
Faculty
Professor Robert W. Jamison, CPA
Professor Emeritus of Accounting
Indiana University
Mr. Jamison is Professor Emeritus of Accounting at Indiana University, Purdue University, Indianapolis (IUPUI). His... | Read More
Mr. Jamison is Professor Emeritus of Accounting at Indiana University, Purdue University, Indianapolis (IUPUI). His principal area of specialization is S Corporations. He is the sole author of S Corporation Taxation, and co-author of Multistate Tax Guide to Pass-Through Entities, both of which are published annually by CCH, a Wolters Kluwer business. He is a regular contributor to Land Grant University Tax Education Foundation, Inc. National Income Tax Workbook and has contributed to Federal Tax Workshop. He presents advanced and update S Corporation seminars for various states' CPA societies and to other professional organizations. He is a member of the AICPA S Corporation Technical Resource Panel. He consults on S corporation and other business entity problems and has secured letter rulings from the IRS.
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Kevin J. Walsh, CPA, CGMA
Director/Vice-President
Walsh, Kelliher & Sharp, CPAs
Mr. Walsh special interest is in advising the owners of closely-held businesses. This interest has led to experience... | Read More
Mr. Walsh special interest is in advising the owners of closely-held businesses. This interest has led to experience and expertise in assisting closely-held business owners at every stage in the lifecycle of a business—from formation, strategic planning, expansion through acquisitions and mergers, as well as succession and transition planning, including business sales, redemptions and liquidations.
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CPE credit is not available on downloads.
CPE On-Demand
