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S Corporations: Hot Issues of 2021

Year-Round Tax Education Opportunities Banner
Presenter: Robert W. Jamison CPA, Ph.D. Leesburg, VA

This two-day course is an up-to-date presentation of all significant legislative, administrative and judicial developments in 2021 including COVID-19 relief provisions (up to the date of this seminar). It includes S corporation eligibility and election requirements, basis and other loss limits, taxable and net investment income, distributions compensation, corporate level taxes, terminations and sales of the business.

As part of your registration, you receive a printed, bound copy of the 550 page S Corporation book written by Dr. Jamison. If necessary, additional handouts will be provided to cover any significant developments that occur after the printing of the course material.

calendar
September 21 - 22, 2021

Register Now

Date: Tuesday and Wednesday, September 21-22, 2021

Time: 8 a.m. - 5 p.m.

In-Person Pricing: $499 / $448 Early Bird (in-person seminar includes parking, breakfast and lunch)

Livestreaming Pricing: $414 / $384 Early Bird (Register by September 3 to ensure book delivery before September 21)

Where: College of Business

Early Bird Ends August 31

Prerequisite: Familiarity with individual income tax rules and business entities in general


CEU Hours: 16


Target audience: Intermediate to advanced level tax professionals

CEU Credits

NE State Board of Public Accountancy
Course/Activity Number: 21-292 (16 CPE hours, 0 hours for ethics, approved for both in-person and streaming)

IRS
Course/Activity Number: NQ6J1-T-00195-21-O (16 CEU hours, 0 hours for ethics, approved for livestreaming)
Course/Activity Number: NQ6J1-T-00195-21-I (16 CEU hours, 0 hours for ethics, approved for in-person)

Nebraska Supreme Court
Course/Activity Number: 217084 (13.33 CLE hours, 0 hours for ethics, approved for streaming) Course/Activity Number: 217082 (13.33 CLE hours, 0 hours for ethics, approved for in-person)

Iowa Supreme Court
Course/Activity Number: 368563 (13.33 CLE hours, 0 hours for ethics, approved for livestreaming) Course/Activity Number: 368562 (13.33 CLE hours, 0 hours for ethics, approved for in-person)

Learning Objectives

After completing this session, participants will be able to perform the following job-related actions:

  • Identify major changes in the taxation of S corporations due to current developments.
  • Interpret selected COVID-19 relief provisions concerning S corporations, and ambiguous issues thereof.
  • Be aware of the key areas of IRS examinations, especially concerning compensation of shareholders, distributions of cash and property and leveraging shareholder basis.
  • Calculate corporate and shareholder items that affect income, loss and basis.
  • Be aware of some pitfalls in electing S corporation status, especially for limited liability companies and other unincorporated entities.
  • Understand certain tax issues related to financial distress of S corporations and shareholders.
  • Calculate corporate level taxes, including the built-in gains tax, and trace the effects to shareholders’ income and basis.
  • Analyze alternatives for purchasing and selling S corporations.
  • Understand certain estate and succession planning opportunities.

Course Content

  1. S Corporations: Introduction and IRS Hotspots
  2. Eligibility for S Corporation Status
  3. Income Measurement and Reporting
  4. Distributions from S Corporations to Shareholders
  5. Compensation and Fringe Benefits
  6. Shareholder Stock and Debt Basis
  1. Accounting Methods and Interest Deduction Limits
  2. Business Interest Limitation
  3. Integration of Multiple Loss Limits
  4. Bankruptcy and Financial Distress
  5. Net Investment Income
  1. Built-In Gains Tax
  2. Passive Investment Income
  3. Changes in Tax Status of Business Entity
  4. Purchase and Sale of an S Corporation
  5. Estate and Succession Planning

About the Presenter

Robert Jamison Headshot

Rob Jamison Testimony
Robert Jamison, testifying before IRS in February 2019. Dr. Jamison's testimony resulted in the creation of a new tax regulation.
Robert W. Jamison, CPA, Ph.D., is Professor Emeritus of Accounting at Indiana University, Purdue University, Indianapolis (IUPUI). His principal area of specialization is S Corporations. He is the sole author of S Corporation Taxation, and co-author of Multistate Tax Guide to Pass-Through Entities, both of which are published annually by CCH, a Wolters Kluwer business. He is the author of the 2021 edition of Essentials of Federal Income Taxation, published annually by CCH, a Wolters Kluwer business.

He is a well-known author and speaker on S Corporations. He has served on panels with the AICPA National Tax Conference, the Heckerling Institute On Estate Planning, the American Bar Association and other professional organizations. His testimony at a 2019 IRS hearing on Proposed Regulations resulted in a citation in the preamble of the Final Regulations under Code Section 136(j), and an example in a related Regulation under Code Section 1256.

He is curator of Wolters Kluwer Answerconnect Topic “S Corporations” and subtopics thereunder. He has authored materials in Land Grant University Tax Education Foundation, Inc. National Income Tax Workbook and has contributed to Federal Tax Workshop. He presents advanced and update S Corporation seminars for various states' CPA societies and other professional organizations. Bob resides in Leesburg, Virginia. He is a member of the AICPA S Corporation Technical Resource Panel and the Washington, D.C. based S Corporation Study Group. He consults on S corporation and other business entity problems and has secured private letter rulings from the IRS on behalf of clients.

IRS Approved continuing education provider
Contact

Tax Institute
taxinstitute@unl.edu
P.O. Box 880467
Lincoln, NE 68588-0467
402-472-4333