Convert C-Corp to S-Corp

Description

Adv Bus Cert Program: Convert C-Corp to S-Corp – 2 CE Federal Tax
IRS Program #: X9QQU-T-01146-24-O
CTEC #: 6257-CE-0306
CE: 2 IRS and 2 CTEC credits
Speaker: Michael Miranda, CPA

This program explores how a C-corporation for Federal tax purposes can choose to be treated as an S-Corporation. Among the issues discussed will be the requirements that must be met to do so, as well as the specific issues that remain with an S-corporation after the election has been made. Specific attention will be paid to the real-world application of the code to decision with several examples used to demonstrate the process.

Learning Objectives:

Review the eligibility requirements for a corporation to elect to be taxed under Subchapter S
Be able to calculate Accumulated Earnings & Profits (AEP), and when it becomes relevant to an S-corp
Learn about planning opportunities to make tax elections to distributions regarding (AEP)
Become familiar with the Built-in Gains Tax as it applies to an S-corp
Master the preparation of Schedule M-2 on Form 1120-S
Become aware of the problem of the passive investment income tax for an S-corp

Contributors

Michael R. Miranda CPA, QKA, NQPC, AEP

Bringing 48 years of experience in tax consulting, estate planning, and employee benefits to his work as an independent consultant, Michael is the owner of MIRANDA CPA & Consulting LLC in Sioux Falls, SD. His tax practice focuses on corporate, individual, estate and gift, and tax accounting. He also provides employee benefit planning and consultation services for qualified, non-qualified, and health and welfare benefit plans. As part of his IRS representation practice, Michael has worked with the National Office to obtain private letter rulings for clients, in addition to numerous EPCRS submissions and audits. As a nationally recognized tax speaker, he maintains an active schedule presenting webinars and seminars on tax law, employee benefit planning, and estate planning.

Michael spent much of his career as a CPA with a regional CPA firm located in Northwestern Iowa, retiring after 27 years as a senior manager-shareholder with this firm. His career started as a Tax Specialist with a Big 8 accounting firm in their South Bend and Minneapolis offices, providing tax and estate planning for individuals and small to medium-sized businesses. He has earned professional designations including CPA, QKA, NQPC and AEP. Michael maintains professional memberships with the American Institute of Certified Public Accountants (AICPA), the American Society of Pension and Professional Actuaries (ASPPA), National Association of Enrolled Agents (NAEA), and the National Association of Estate Planning Councils (NAEPC).

Michael resides in Sioux Falls, SD with his wife Jeanette. Outside of his professional practice, Michael is a cellist with the Sioux City Symphony Orchestra. When he is not working, his time is spent with various activities, including traveling with his wife and playing golf.

Description

Contributors

Michael R. Miranda CPA, QKA, NQPC, AEP