2024 S Corporation Update
94125 2.00

Author: Greg White

CPE Credit:  2 hours for CPAs
 

Join expert Greg White for a fast-paced in-depth examination of 2024 S corporation developments.

Publication Date: December 2024

Topics Covered

  • Respecting entities as separte from their owners
  • Planning for Taxmageddon
  • Supreme Court case on life insurance and estate tax
  • Terminating S corp status
  • Shareholders pay tax even if no tax distributions
  • Estate of Fry
  • Best type of subsidiary for S corp to have

Learning Objectives

  • Identify IRS update guidance on automatic fix on second class of stock terminations
  • Explain how to calculate shareholder basis in S corporation stock under new highly taxpayer-friendly Tax Court decision
  • Recognize how to apply a new case that covers when an S corporation will be respected for tax purposes. This is important for payroll tax savings
  • Identify tax planning strategies to reduce the impact of the upcoming “Taxmageddon” as the Tax Cuts and Jobs Act expires
  • Identify how many people the IRS estimates qualify for abatement per year but pay penalties

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of S Corporations.

Advance Preparation
None

Additional Course Details

  • Filed of Study: Taxation
  • Publisher: Wolters Kluwer
  • Course Level: Basic
  • Pre-Requisites: None
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