Description
This course focuses on the most common aspects and tax implications of Limited Liability Companies and S Corporations. It will further compare forms of entities, along with corporate formalities compliance issues of each entity type. Electing Subchapter S status as well as reviewing the mechanics of electing Subchapter S status will be discussed. Highlights of entity specific tax forms will be discussed, as well as accountable plans, taxable fringe benefits, officer reasonable compensation, estate planning, business continuation planning and audit strategies. Schedules K-1, K-2, K-3, and effectively connected income will be reviewed in this course as well.
This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
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.
Credit Types
- Taxes: 8
Registration Fees
| Registration | Type | Price |
|---|---|---|
| Rebroadcast - General (8 hours) | Members | $295.00 |
| Rebroadcast - General (8 hours) | Non Members | $500.00 |
The North Carolina Association of Certified Public Accountants is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org/.For information regarding refund, complaint, program cancellation or other policies, visit our Registration Policies page or call 800-469-1352.