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Course Details

S Corporations: How To Avoid Common And Often Overlooked Pitfalls

Webinar: ID# 1014165
Recorded CD
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About This Course:
The S corporation is an attractive type of entity in that it offers limited liability for its shareholders while avoiding the double taxation experienced by C corporations.

However, there are several requirements that must be met in order for companies to do business as S corporations that, if not met, may result in undesirable consequences. These pitfalls may lead to termination of the S election and additional tax for the corporation or the shareholder, or both.

Furthermore, given the tumultuous legislative environment, the tax rules that apply to S corporations and their shareholders are constantly changing, providing both pitfalls and opportunities.

This webinar helps the S corporation shareholder or professional services provider understand the tax rules that govern S corporations and their shareholders and avoid unintended consequences.

We will highlight common transactions that have negative, but avoidable, impacts and will also present opportunities for S corporations and their shareholders that exist in the current regulatory environment.

This webinar is critical for business owners and professional service providers so they can ensure proper operation of their business from a tax perspective and quality tax services for their clients.

Agenda

Corporate and Shareholder Requirements
  • One Class of Stock
  • Number
  • Type
Shareholder Basis
  • Importance of Basis
  • Stock Basis; Debt Basis
Entity Level Taxes
  • Built-in Gains Tax
  • Excess Net Passive Income
  • LIFO Recapture
Reasonable Compensation to Shareholder
  • Reasonable Compensation - Significant Employment Tax Savings by Making Distributions
  • Unreasonable Compensation
  • Negative Economic Consequences of Reducing Compensation
Other
  • Election to Distribute CE&P Before AAA
  • Deemed Dividend Election
  • Passive Activity Groupings
Faculty

Aubrey C. Markota
  • Manager in the Business Tax Services Group of Deloitte Tax LLP
  • Worked for Deloitte for more than eight years, of which two were overseas, two were in Miami and the remaining years in Cleveland
  • More than eight years of tax compliance and consulting experience for both public and private companies, corporate returns in manufacturing and gaming industries, estate and gift tax matters, trust taxation, state and local tax compliance, and tax provision review
  • CPA and a member of Ohio Society of CPAs and AICPA
  • B.S. degree in accounting, The University of Akron
Melissa M. Pozniak
  • Tax partner leading Cleveland's Private Company Services Practice and the leader of Cleveland's Investment Management Practice
  • Focuses on serving private equity, hedge funds and real estate clients
  • Worked for Deloitte Tax LLP for more than 16 years, of which she spent eight years in Cincinnati and the past eight years in Cleveland
  • Serves various clients in the Cleveland office including The Sinclair Group, Blue Point Capital, Pictet North America, Merchants Gate Capital, Libra Associates and M.D. Sass
  • CPA and a member of Ohio Society of CPAs and AICPA
  • B.S. degree, Miami University
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S Corporations: How To Avoid Common And Often Overlooked Pitfalls
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