This course highlights when to use Form 433-A or 433-B, along with documents needed to effectively submit an Offer in Compromise (OIC) or Installments Agreement. Settling tax debts is an important part of the IRS collection process, this course helps guide taxpayer representatives through the process so they may efficiently complete these necessary forms. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
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:
- Subchapter S status election and compliance requirements
- Relief for late Form 2553 filings under Rev. Proc. 2022-19
- Comparison of Rev. Proc. 2022-19 and Rev. Proc. 2023-3
- I.R.C. §1361 and §1362 analysis for S Corporation elections
- Corporate governance and formalities compliance
- Shareholder stock and debt basis rules
- Built-in capital gains and other aspects of Form 1120S
- Schedules K-1, K-2, and K-3 preparation and reporting requirements
- Officer reasonable compensation: requirements, advisory strategies, and audit defenses
- S Corporation eligibility errors and corrective measures
