Not Found
Live Webcast Replay

ACPEN Signature: 2021 S-Corporation Update


Total Credits: 8 including 8 Taxes - Technical


Dates


Description

This course addresses the S corporation rules that every CPA needs to know—from basics such as qualification of an entity as an S corporation and basis rules including developments in the tax law over the past year affecting S corporations and their shareholders. The course will cover safe harbors for redemption agreements, warrants, employment agreements and more.  It also covers more advanced topics such as the pitfalls in having trusts own S corporation stock and tax planning for S corporation acquisitions using disregarded entities and partnerships to achieve results not possible with a single entity type. Don’t miss the discussion; don’t miss the ideas.

**Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to leighanne.conroy@acpen.com.

Basic Course Information

Learning Objectives
  • Understand how to avoid inadvertent terminations
  • Understand and review basic rules 
  • Learn planning techniques 

Major Subjects
  • Qualification as a Subchapter S corporation including restrictions on shareholders and the one class of stock rule and special rules for buy-sell agreements, redemption agreements, warrants and options  
  • Reasonable compensation for S corporation owners and the impact on employment taxes, 199A and the net investment income tax  
  • The difference between a redemption under Section 302 versus a redemption under 301 in the S corporation context
  • S corporation operations including the per share per day rule, basis rules, distribution rules and dealing with third party debt for basis purposes  
  • Inheritance of S corporation stock and special issues for trusts owning S corporation stock including available elections 
  • Tiered entity structures involving S corporations including qualified subchapter S subsidiaries, disregarded entities and using partnership entities including LLCs in conjunction with S corporation acquisitions
  • S corporation ESOPs as an exit vehicle—creating your own buyer

Course Materials

Faculty

James A. Smith, CPA, CGMA's Profile

James A. Smith, CPA, CGMA Related seminars and products

Managing Director

Smith, Jackson, Boyer & Bovard, PLLC


James A. Smith, CPA, CGMA, serves as Managing Director of Smith, Jackson, Boyer & Bovard, PLLC, a Dallas based, full service Certified Public Accounting firm.  In his fifty years of professional experience, he has performed audit engagements in real estate development and construction, investment partnerships, manufacturing, utilities, retail, transportation, and health care.  He has worked with companies ranging in size from large, multinational corporations to small, closely held businesses.  He has also been engaged extensively in tax and financial planning consultations for closely held businesses and their owners; tax compliance and tax controversy representation.

Mr. Smith has been a frequent panelist on ACPEN webinars.  He has appeared as a featured commentator on all four Dallas/Ft. Worth network news stations, including three and one-half years as a featured business commentator on KXAS, TV5; on the TSCPA “CPAs on Call” state-wide tax television program; and on various radio news programs.  He has conducted seminars on tax and financial planning for the Dallas Chapter of the TSCPA, stock brokerage firms and life insurance companies, and on marketing and practice management for the TSCPA, the North Carolina Association of CPAs, the Arkansas Society of CPAs, the Pennsylvania Institute of CPAs, and the American Institute of CPAs.  He has made presentations on analyzing financial statements for the reporting staffs of the Dallas Morning News, Dallas Business Journal, Wall Street Journal, and San Antonio Express.  He has also made CPE presentations on SSARS standards for the Illinois Society of CPAs, the Texas Society of CPAs, the Dallas Chapter of TSCPA, the Southeast Texas Chapter of TSCPA, and others.

Mr. Smith served as Chair of the Texas Society of CPAs (TSCPA) for the 2007-2008 year, as an elected member of its Executive Board and its Board of Directors, and as Treasurer and Treasurer-Elect. He served as an elected member of the AICPA Council 2007 through 2011 and 2012 through 2015.  He also served as an appointed member of two of the AICPA’s key standard setting committees:  the Accounting and Review Services Committee, 2008 through 2011 and the Tax Practice Responsibilities Committee, 2014 to 2018.  He has served as Chair of the Dallas Chapter of TSCPA (DCTSCPA) for the 2002-2003 year and a member of its Board of Directors.  He has served the TSCPA as Communications Subcommittee Chair of the Federal Tax Policy Committee, Attestation Subcommittee Chair of the Professional Standards Committee, Chair of the External Relations Steering Committee, Chair of the Strategic Planning Committee, Chair of the MAP Future Issues Committee, Sub-Committee Chair of the Quality Review Committee, and Chair of the Public Practice Association.  In recognition of his service, Mr. Smith has been named an Honorary Fellow of the TSCPA in 2017, presented with its Meritorious Service to the Accounting Profession in Texas Award in 2013, and had been named Outstanding Steering Committee Chairman for the year 1999-2000, Outstanding Committee Chairman for the year 1995-1996, and Outstanding Committee Member for the Years 1992-1993 and 1995-96.  The DCTSCPA also named him CPA of the Year for 1999-2000.

Mr. Smith is a graduate of Southern Methodist University with a BBA in Accounting and Economics.  He is a Certified Public Accountant in the state of Texas and is a licensed Registered Investment Advisor.

Mr. Smith resides in Dallas with Charlie, his wife of 50 years. They have three grown daughters, all of whom are married, a grandson and three granddaughters.


C. Clinton Davis, CPA, JD's Profile

C. Clinton Davis, CPA, JD Related seminars and products

Krage & Janvey, L.L.P.


CLINT DAVIS is with the law firm of Krage & Janvey, LLP in downtown Dallas.  He graduated cum laude from the SMU Dedman School of Law in 1980 and first in his graduating class from Northwestern State University of Louisiana in 1977 with a Bachelor of Science in Accounting.  He was first licensed in Florida as an attorney in 1980 and then in Texas in 1982.  He has been a licensed CPA in Texas since 1980.  He has been Board Certified in Tax Law by the Texas Board of Legal Specialization since 1988.  He has been named as a Super Lawyer, a Top Attorney in Texas by Texas Monthly, one of the Best Lawyers in Dallas by D Magazine and a Top Rated Lawyer by the Dallas Morning News, all in the tax area. 

Clint has in the past been an author and discussion leader for numerous CPE courses for the Texas Society of CPAs. Clint also speaks before various bar associations and accounting conferences. and is a frequent presenter and moderator on the Accountants’ Continuing Professional Education Network.

Clint primarily represents high net worth individuals and closely held businesses with much of his time devoted to real estate tax planning, implementation of S corporation ESOPs, mergers and acquisitions and private foundations.


Matthew Foster, CPA Related seminars and products

Tax Partner

Frazier & Deeter


Matthew Foster is a Partner in the Atlanta and Las Vegas office tax practices and serves as the firm’s National Practice Leader for the Cannabis Industry. He has over a decade of experience in public accounting, with the majority spent practicing at Frazier & Deeter, LLC.


Matthew’s primary focus is middle market companies that are privately owned or backed by private equity. His tax expertise in this area has allowed him to help his clients with various opportunities, such as corporate structuring for tax strategies, mergers and acquisitions, joint ventures and ESOPs. His clients operate in a variety of industries including, but not limited to, manufacturing, distribution, technology, real estate and construction.


Alan K Davis, JD, CPA Related seminars and products

Partner

Meadows, Collier, Reed, Cousins, Crouch & Ungerman, LLP


lan K. Davis is a partner in the Dallas law firm of Meadows, Collier, Reed, Cousins, Crouch & Ungerman, LLP. He is Board Certified in Estate Planning and Probate Law and is an American College of Trust and Estates Counsel Fellow. He also maintains his CPA License. 
He represents clients in all phases of business planning, estate planning, and probate. Alan’s expertise is focused on designing and implementing plans to accomplish his clients’ objectives. He also assists in the disposition of their estate, as well as taking maximum advantage of the credits and exemptions provided under the Internal Revenue Code.


His business planning practice includes counseling clients with respect to establishment, operation and tax reporting requirements of their business transactions. Primary emphasis is placed on the most tax efficient manner of transferring business interests to family members while also providing future generations with the best chance of family business continuance. 

 


Dates

Wed, Dec 01, 2021 - 09:00am to 05:00pm CST
Wed, Dec 01, 2021 - 01:00pm to 09:00pm CST
Fri, Dec 10, 2021 - 09:00am to 05:00pm CST
Fri, Dec 10, 2021 - 01:00pm to 09:00pm CST
Thu, Dec 16, 2021 - 09:00am to 05:00pm CST
Thu, Dec 16, 2021 - 01:00pm to 09:00pm CST
Tue, Jan 11, 2022 - 09:00am to 05:00pm CST
Tue, Jan 11, 2022 - 01:00pm to 09:00pm CST
Fri, Jan 21, 2022 - 09:00am to 05:00pm CST
Fri, Jan 21, 2022 - 01:00pm to 09:00pm CST

Additional Info

Basic Course Information

Prerequisites None
Advanced Preparation None
Course Developer Business Professionals' Network, Inc.
Yellow Book No
Original Recording Date 11/17/2021
Date Added to Catalog 1/24/2021
Designed For

Public Practictioners


Additional Information

Instructional Delivery Method Group Internet Based
Complaint Resolution Policy Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
Official Registry Statement

Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org


Course Registration Requirements

Online Registration


Refund/Cancellation Policy

Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer. 


Reviews

Please wait ...

Back to Top