CPAs, EAs, Tax Professionals, Financial Planners, Investment Advisors, Attorneys, Professionals advising or working with LLCs and/or S Corporations
Learning Objectives
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.
Major Topics
The major topics that will be covered in this course include:
- Comparative analysis of LLCs and S Corporations
- Entity formation, compliance, and operational structures
- Self-employment tax and its implications for LLCs and S Corporations
- Form 2553 preparation and relief for late filings
- Rev. Proc. 2022-19 and Rev. Proc. 2023-3: analysis and application
- S Corporation eligibility errors and corrective measures
- Corporate governance and formalities for both entity types
- Shareholder stock and debt basis for S Corporations
- Forms 1120S, 1065, and related schedules (K-1, K-2, K-3)
- Officer reasonable compensation and general partner guaranteed payments
- Audit strategies, estate planning, and business continuation planning
