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
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.
Outline
- Brief overview of tax challenges of S corps
- Impact of recent regulations and IRS guidance
- CARES Act tax reform
- SECURE Act
- PPP loan forgiveness and related considerations
- Challenges related to equity and incentive grants, options, etc.
- 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
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
For over 25 years, Mr. Gregory has been providing business tax and advisory services to corporations and flow-through entities (partnerships, LLCs, S Corps) in all aspects of income taxation. He has significant experience in tax outsourcing, and has successfully represented clients in tax controversy and abatement matters. Mr. Gregory founded AG Tax and Consulting in Golden, Colorado, which merged with TaxOps in 2019.
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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
Mr. Wagner has over 25 years of experience in employee benefits consulting, during which he has provided tax, audit and business advisory services on a variety of subjects, including employee stock ownership plans, equity-based plan design and compliance, deferred compensation structuring, multi- and single-, employer pension and welfare plans, and non-qualified executive compensation plans in both the for-profit and not-for-profit sectors.
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