Course Description

S-Corporation taxation has lots of pieces. There are helpful elections you can make that can potentially save your client money. There are rigid rules to be adhered to. For example, if there is more than one class of stock, it can terminate the S-election. Learning how to successfully navigate these rules can make all the difference. In this course, we will be discussing some of the more common specialty areas experienced by practitioners – late filing relief for S-elections, disproportionate distributions, and selling S-Corporation shares. While these items may not come up on every single Form 1120-S, you will be able to add more value to clients when they do!


Learning Objectives

  • Recall the rules for a late S-election

  • Identify the tax implications of an S-Corporation making disproportionate distributions to S-Corp shareholders

  • Recognize the tax rate applicable to the sale of S-Corporation shares

Additional Required Materials

  • Level: Intermediate

  • Field of Study: Taxes (NASBA); Tax Planning (CFP); Federal Taxation (IRS)

  • Who Should Attend: Tax and financial advisors who have clients who have formed S-Corporations

  • Required Knowledge: Basic understanding of tax rules for flow-through entities

  • Advanced Prep: None

Instructor

CPA, CPCU, MST, MBA David Peters

David Peters is the Founder and Owner of Peters Tax Preparation & Consulting in Richmond, VA. He has over fourteen years of experience in financial services, including 3 years in the hedge fund industry and six years in the insurance industry. David was the first-ever Chief Financial Officer at Compare.com - a position he held for over three years. He is a national CPE Instructor/Discussion Leader for the AICPA, Surgent, and Kaplan. He regularly teaches courses in accounting, finance, insurance, and ethics throughout the United States. He holds four Masters degrees and contributes regularly to various CPA publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures. He was also a co-author of the 2018 Virginia CPA Ethics course – a required course for all CPA’s licensed in the Commonwealth of Virginia.