Day Two: Business Update  & LLC & S Corps Analysis

Author/Speaker: Art Werner & Mary Jane Hourani

• 08:00 – 12:00 – Business Tax Update – Art Werner
• 13:00 – 16:00 – LLC & S Corps: A Comparative Analysis – Mary Jane Hourani
• Field of Study: Taxes | Federal Tax Update
• Credits: 8     
• Format: Live In-Person

 Both Days

• Sign in: 07:30 – Continental Breakfast Provided
• Lecture Starts: 08:00
• Periodic breaks will be provided
• Lunch will not be provided
• Lecture ends at 4:00

Course Description

With new Presidents and new Congress comes new tax changes. Our responsibility as advisors and preparers is to interpret these changes and guide our clients on the best path. Art Werner will provide a comprehensive review of business income tax complexities, including updates of tax legislation, planning strategies, that will be essential for the tax practitioner who wants to update their knowledge of business income taxation. Mary Jane Hourani will then lead  an in-depth comparative analysis of Limited Liability Companies (LLCs) and S Corporations, focusing on their tax implications, compliance requirements, and operational structures. Participants will explore key aspects of entity formation, tax treatment, and compliance with corporate formalities. Topics include electing Subchapter S status, mechanics of Form 2553, and relief options for late filings under Rev. Proc. 2022-19. The course also highlights entity-specific tax forms, accountable plans, taxable fringe benefits, officer reasonable compensation, estate planning, business continuation planning, and audit strategies. Additionally, participants will review Schedules K-1, K-2, K-3, and effectively connected income for both entity types.

Learning Objectives

To provide participants with both an update and instructions so that the participants will have the necessary knowledge to complete IRS Form 1099’s, 1041, 706, 1065, 1120, 1125 A, and 1125 E (business issues) and various business income tax returns for the tax season.
Compare and contrast LLCs and S Corporations to determine suitability for various clients.
Provide a general overview of LLC structures and their tax implications.
Discuss 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.
Review corporate governance procedures and compliance requirements for LLCs and S Corporations.
Examine shareholder stock and debt basis for S Corporations.
Highlight key aspects of Forms 1120S, 1065, and related schedules (K-1, K-2, K-3).
Discuss officer reasonable compensation and general partner guaranteed payment requirements.
Apply facts and circumstances in advisory services to determine reasonable compensation.

Major Topics:

Review of essential IRC Sections
Review of new legislation
Schedule C and Schedule F issues
Schedule E Issues
Partnership issues
Corporation issues
LLC issues
Qualified retirement plan issues
IRC 280
Current Tax Topics
Comparative analysis of LLCs and S Corporations
Entity formation, compliance, and operational structures
Self-employment tax and its implications for LLCs and S Corporations
Form 2553 preparation and relief for late filings
Rev. Proc. 2022-19 and Rev. Proc. 2023-3: analysis and application
S Corporation eligibility errors and corrective measures
Corporate governance and formalities for both entity types
Shareholder stock and debt basis for S Corporations
Forms 1120S, 1065, and related schedules (K-1, K-2, K-3)
Officer reasonable compensation and general partner guaranteed payments
Audit strategies, estate planning, and business continuation planning

To complete this course participants need to: Be present the day of the event

Upon course completion a course evaluation form is provided for your feedback.

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