S Corporations and Inadvertent Terminations

Navigating Complex Federal Rules for Termination Triggers and Relief

Recording of a 80-minute CPE/CLE webinar with Q&A


Conducted on Tuesday, October 12, 2010

Recorded event now available

or call 1-800-926-7926
Program Materials

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.

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Outline

  1. Current state of federal regs and guidance on inadvertent S corporation terminations
    1. Violating standards of domestic vs. foreign ownership
    2. Violating standards for ownership levels
    3. Missing initial or recertification deadlines
  2. Where termination issue becomes important in business transactions
    1. E.g. trust ownership of S corporations
    2. 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.

Faculty

Sydney S. Traum
Sydney S. Traum

BBA, JD, LLM (Tax), CPA
Law Offices of Sydney S. Traum P.A.

Mr. Traum is the author of two textbooks, "The S Corporation: Planning & Operation" and "The S...  |  Read More

Laura Howell-Smith
Laura Howell-Smith
Director
Deloitte Tax

She handles all inadvertent termination relief rulings for her firm, where she specializes in transactional and...  |  Read More

Other Formats
— Anytime, Anywhere

Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:

On-Demand Seminar Audio

$147

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CPE Not Available

$147