LLC’s & S Corporations: a Comparative Analysis
Description
Objective
After attending this presentation, you will be able to... Compare and contrast LLCs and S Corporations to determine suitability for various clients. Analyze LLC structures and their tax implications. Compare the interplay of LLCs and S Corporations with self-employment tax. Prepare Form 2553 for electing Subchapter S status and identify relief options for late filings. Analyze Rev. Proc. 2022-19 and Rev. Proc. 2023-3, and understand their differences and applications under I.R.C. §1361 and §1362. Identify and address S Corporation eligibility errors and implement corrective measures. Recall corporate governance procedures and compliance requirements for LLCs and S Corporations. Assess shareholder stock and debt basis for S Corporations. Recall key aspects of Forms 1120S, 1065, and related schedules (K-1, K-2, K-3). Indicate officer reasonable compensation and general partner guaranteed payment requirements. Apply facts and circumstances in advisory services to determine reasonable compensation.
Attendee Information
Mary Jane Hourani, MM, EA, NTPI Fellow
Required Knowledge
None
Who Should Attend
CPAs, EAs, Tax Professionals, Financial Planners, Investment Advisors, Attorneys, Professionals advising or working with LLCs and/or S Corporations
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