PPC's Tax Planning for S Corporations

PPC's Tax Planning Guide - S Corporations explains the tax consequences of electing and maintaining S status, operating the S corporation, and terminating the S election. It covers other tax issues, too, such as reorganizing the corporation, maintaining a QSub subsidiary, redeeming S stock, or liquidating the S corporation. The Guide also addresses owner issues, such as maximizing the shareholder's basis in stock and debt, making distributions in the most tax-efficient manner, and estate planning for S shareholders.

Since many of the issues encountered when responding to client questions or planning transactions go beyond the S corporation provisions of the Code (Subchapter S), the Guide addresses operational issues, such as electing and maintaining a fiscal tax year, using the cash method of accounting, and passing through the Section 199 producer's deduction, among others. The Guide also provides an entire chapter on fringe benefits, deferred compensation plans, and qualified retirement plans, with an emphasis on the special rules applicable to S corporations and 2% shareholders.

The 2010 Guide includes a new section and appendix summarizing important new provisions in the Patient Protection and Affordable Care Act, as modified by the Health Care and Education Reconciliation Act. With staggered effective dates, the new provisions are effective from the date of enactment through 2014.

The 2010 edition provides detailed discussion with examples for taking advantage of the built-in gains suspension rules that were enacted as part of the American Recovery and Reinvestment Act of 2009. Under these rules, qualifying S corporations avoid the built-in gains tax during the 2009 and 2010 tax years. This edition also discusses how net unrealized built-in gain is determined during this two-year suspension period and the built-in gains worksheet has been updated to conform to the IRS-required treatment of built-in gains during the suspension period. A sample client letter explains how to make the built-in gains suspension rules work for your clients.

The current edition also includes a completely revised and simplified worksheet for calculating shareholder stock and debt basis. Two separate sample fact situations are illustrated to show you how to fill-in the new worksheet - one when debt basis has been reduced by post-1982 losses and the other when debt basis has not been reduced by such losses.

Finally, the 2010 Guide explains the tax planning implications of the forthcoming tax rate increases on capital gains and dividends for tax years after 2010, and points out the tax saving opportunities when transactions such as sales of capital gains assets, stock redemptions, or corporate distributions can be accomplished before the tax rate increases.

The chapters are written and updated by experienced practitioners, with the concepts illustrated by hundreds of real-life examples. The Guide also includes checklists, worksheets, elections, and other practice aids to promote an efficient and knowledgeable approach to handling transactions that clients are contemplating or have completed.

And to help you and your staff transition from tax compliance to tax planning, the Guide includes a tax planning roadmap. By reviewing a client's (or potential client's) Form 1120S or Schedule K-1, you can identify potential planning strategies that can be used as a starting point for further discussions with the client.

Tax planning can solidify your relationship with your clients and save them thousands of dollars. Now in its 24th edition, PPC's Tax Planning Guide - S Corporations is the one resource you need to efficiently and effectively provide tax planning services to your S corporation clients and their shareholders throughout the year.

For Table of Contents and self-study CPE information, click here.


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ALCPA strongly recommends that you consider the online edition of the Guide. The online edition provides you with:

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