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
This CLE webinar will prepare tax advisors to avoid inadvertent termination of S corporation elections at the federal level.
- Current state of federal regs and guidance on inadvertent S corporation terminations
- Violating standards of domestic vs. foreign ownership
- Violating standards for ownership levels
- Missing initial or recertification deadlines
- Where termination issue becomes important in business transactions
- E.g. trust ownership of S corporations
- When S corporation is acquisition target
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.
Sydney S. Traum
BBA, JD, LLM (Tax), CPA
Law Offices of Sydney S. Traum
Mr. Traum is the author of two textbooks, "The S Corporation: Planning & Operation" and "The S... | Read More
Mr. Traum is the author of two textbooks, "The S Corporation: Planning & Operation" and "The S Corporation Answer Book," both from Aspen Publishers Inc. He is a member of the American Bar Association Tax Section's S Corporations Committee.Close
Ms. Howell-Smith is a Firm Director in the Washington National Tax Office. She specializes in transactional and... | Read More
Ms. Howell-Smith is a Firm Director in the Washington National Tax Office. She specializes in transactional and compliance issues concerning S corporations, trusts, estates and gift taxation, passive losses and section 1411. She also has substantial experience with private letter rulings and other IRS relief requests for firm clients. She has over twenty years of experience in public accounting and the IRS Chief Counsel’s Office of Passthroughs & Special Industries where she drafted regulations (including section 663(c) separate share and section 1361 S corporation trust regulations), private letter rulings, revenue rulings, and revenue procedures in the areas of gift taxation, and income taxation of S corporations, partnerships, trusts, and estate. She is the chairperson of the American Institute of Certified Public Accountants (AICPA) Corporation Tax Resource Panel and an active member of the S Corporation Committee of the Section of Taxation of the American Bar Association (ABA). Coeditor of the treatise "Federal Income Taxation of Passive Activities," Ms. Howell-Smith has written numerous articles for national tax publications and made several presentations for national tax forums such as the ABA Section of Taxation, American College of Trust and Estate Counsel, and AICPA. She holds a J.D. from Boston University School of Law as well as an LL.M. in Taxation from Georgetown University Law Center.Close