Understand the requirements that must be met in order for companies to operate as S corporations.
S Corporations are a powerful tax efficiency vehicle with the savings of Social Security and Medicare taxes, but there are considerations. The webinar will discuss the several reasons why an S Corporation does not make sense but will also highlight ways around some of the rigidity. Next, we will take a deep dive into reasonable shareholder salary which poses one of the largest challenges for tax professionals. Finally, we will wrap up with accountable plan reimbursements, nomadic owners, and revoking the S Corp election.
Learning Objectives
- You will be able to describe what an S corporation is and how it differs from other business structures.
- You will be able to discuss potential downsides related to income and loss allocation.
- You will be able to explain the concepts of taxation and how it works in an S corporation.
- You will be able to identify the advantages of choosing an S corporation.
Agenda
S Corp Benefits
- Downsides With States
- Pitfalls With Sep IRA / 401K
S Corp Elections
- S Corp Eligibility
- Late Elections
- Qsub
Multi-Entity Structures, Flexible Profit Splits, Autonomy
Reasonable Compensation
- Theory
- Tax Court Cases
- How to Approach
- Rc Reports
- W-2 Conversion
- Qbid Optimization
Fringe Benefits (Health, HSA, HRA, Di, LTC, Automobile)
Distributions, Timing
Accountable Plan Reimbursements, Home Office Limits
Adding Spouse, Kids to Payroll
Nomadic S Corp Owners
Expat S Corps
Revoking S Corp
Speakers
Jason Watson, CPA,
WCG Inc.- Partner in the office of WCG CPAs & Advisors, a boutique small business accounting firm
- Practices as a small business consultant specializing in LLCs and S Corporations including entity structure, self-employment taxes, and retirement planning
- Author of Taxpayer’s Comprehensive Guide to LLCs and S Corporations
- Presented several webinars on general S Corporations but has also presented specifically on reasonable compensation, S Corporations for medical groups, and home office issues
- Experience as an expert witness and provides litigation support for general business matters including business valuations
Who Should Attend
This live webinar is designed for accountants, CEOs, presidents, vice presidents, CFOs, controllers, attorneys, financial planners, business owners, and tax preparers.
