Webcast: Surgent's Understanding S Corporation Taxation: Late S Corporation Elections, Disproportionate Distributions and Selling Shares

Overview

S-corporation taxation has a lot of pieces. There are helpful elections you can make that can potentially save your client money, but there are also rigid rules to adhere to. For example, if there is more than one class of stock, it can terminate the S-corporation election. Learning how to successfully navigate these rules can make all the difference. In this course, we will discuss some of the more common specialty areas experienced by practitioners - late filing relief for S-corporation 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.

Highlights

Making an S corporation election and late filing relief
Disproportionate distributions
Selling S corporation shares
Redemption rules

Prerequisites

Basic understanding of tax rules for flow-through entities

Designed For

Tax and financial advisors with clients who have formed S corporations

Objectives

Recall the rules for a late S corporation election
Identify the tax implications of an S corporation making disproportionate distributions to S corporation shareholders
Recognize the tax rate applicable to the sale of S corporation shares

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

David Peters, CPA, CFP, CLU, CPCU, MST, Surgent McCoy CPE, LLC

Leader Bios

David Peters, CPA, CFP, CLU, CPCU, MST, Surgent McCoy CPE, LLC

David Peters is the founder and owner of Peters Tax Preparation & Consulting in Richmond, VA, and a Financial Advisor for Peters Financial, LLC. He has over fifteen years of financial services experience, including three 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, Kaplan, and Surgent and was a recipient of Surgent’s Outstanding Discussion Leader award for 2019. He regularly teaches accounting, finance, insurance, financial planning, and ethics throughout the United States. He is the advisor for Business & Industry topics for the SC Association of CPAs and was a recipient of The American College’s 2019 NextGen Financial Services Professional Award. He holds four Master’s degrees and is currently pursuing his Ph.D. in Financial Planning. He regularly contributes 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, 2019, and 2020 versions of the Virginia CPA Ethics course – a required course for all CPAs licensed in the Commonwealth of Virginia.

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