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Long Island Tax Professionals Symposium

S Corporation Update

9:30 AM-11:10 AM and 1:50 PM-3:30 PM
(1 TAX CPE) (1 CLE)

Robert S. Barnett, CPA, JD, MS (Taxation)
S Corporations continue to play an important role in business structure. If the specific rules and requirements are not followed, this special tax status may be lost resulting in significant increases in corporate taxation. This course will focus on new cases and rulings with specific attention to avoiding traps and pitfalls.

Topics include:

  • S Corporation- Election and Qualification
  • Passive Activity and 3.8 % Medicare Surtax
  • Loss Utilization and Basis
  • Open Account Debt Regulations
  • Shareholder Loans
  • Compensation Issues

Single Member LLC – The Basics And Beyond

11:30 AM-12:20 PM and 3:50 PM-5:30 PM
(TAX CPE) (CLE)

Robert S. Barnett, CPA, JD, MS (Taxation)

Single member LLCs are frequently used to provide investment opportunities and will provide increased asset protection. Many partnership tax attributes need to be carefully considered. SMLLC’s often result from unintended consequences such as death of a partner, or may cease to exist when the entity becomes a partnership. Often these status changes occur in unintended ways such as a death of a partner in a two person partnership. This presentation will discuss many surprising aspects of SMLLC’s and their tax consequences.

Topics include:

  • Hidden Partnerships
  • Check the box regulations
  • Conversion of Partnership to SMLLC
  • Conversion of Corporation to SMLLC
  • Election out of Partnership
  • Various Tax Elections including IRC § 704(c)
  • Payroll Taxes

S Corp Update Including Basis & Loss Utilization
(1 TAX CPE) (1 CLE)

Robert S. Barnett, CPA, JD, MS (Taxation)

This program concentrates on S Corporation basis and loss utilization. Many CPAs have expressed interest in basis calculation and how S Corporation losses may best be utilized. The Internal Revenue Service frequently audits S Corporation losses and this program is designed to provide assistance in applying the rules to practical considerations.

Topics include:

  • Basis Calculations
  • Open Account Debt Regulations
  • Accounting Considerations
  • Recent Cases & Rulings
  • Passive Activity Considerations
  • Final Year Suspended Losses