Tax Issues for S Corps: Federal and State Tax Challenges, Planning Considerations for Taxpayers

Recording of a 90-minute premium CLE/CPE webinar with Q&A

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Conducted on Wednesday, September 2, 2020

Recorded event now available

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Course Materials

This CLE/CPE course will guide tax professionals on critical tax challenges and recent developments for S corporations. The panel will discuss key tax law regulations and developments impacting S corporations, IRS guidance, the impact of the CARES Act and related PPP loan forgiveness, QBI deduction, issues of cash distributions, class of stock and deferred compensation, and transfers of interest. The panel will also discuss pitfalls to avoid under current tax law and offer tax planning techniques for shareholders.

Description

S corporations provide significant advantages to shareholders by pass-through taxation. However, tax professionals often fail to recognize crucial distinctions from other pass-through entities and critical issues under current tax law and other recent developments.

Listen as our panel of CPAs and tax attorneys examines the different tax issues of the S corporation that create problems for professionals, whether to retain S corporation status, elect S corporation status and/or convert to C corporation status, the impact of business interest limitations, and a host of other vital issues.

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Outline

  1. Brief overview of tax challenges of S corps
  2. Impact of recent regulations and IRS guidance
    1. CARES Act tax reform
    2. SECURE Act
    3. PPP loan forgiveness and related considerations
  3. Challenges related to equity and incentive grants, options, etc.
  4. Transaction planning considerations

Benefits

The panel will review these and other key issues:

  • What are the critical tax challenges of S corporations under current tax law?
  • What issues arise for cash distributions, class of stock, deferred compensation, and transfers of interest?
  • What are the factors to consider in determining whether to retain or elect S corp status or convert to C corp?
  • Should considerations of Sec. 1202 be a part of the analysis?
  • What is the impact of recent guidance on Sec. 163(j) limitations and carried interest regulations?
  • When selling equity interest in an S corporation, what are the pitfalls?
  • Under what circumstances is an LLC or partnership entity choice preferred over an S corp?

Faculty

Gregory, Allen
Allen R. Gregory
Partner
TaxOps

For over 25 years, Mr. Gregory has been providing business tax and advisory services to corporations and flow-through...  |  Read More

Wagner, Rick
Rick Wagner
Principal
Customized HR Solutions

Mr. Wagner has over 25 years of experience in employee benefits consulting, during which he has provided tax, audit and...  |  Read More

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