S Corporation Year-End Tax Planning: Strategies to Reduce Tax and Maximize Deductions

Year-end tax planning can provide S corporations and their shareholders with valuable opportunities to manage taxable income, maximize available deductions and credits, and improve overall tax outcomes. However, effective planning requires careful attention to the timing of income and expenses, shareholder-level tax considerations, limitations, and the interaction of multiple tax provisions.

This 2-credit course provides a practical review of S corporation year-end tax planning strategies that tax professionals can use when advising closely held businesses and their shareholders. The session examines opportunities to accelerate deductible expenses, defer income, evaluate fixed asset acquisitions, and strategically “bunch” expenses when appropriate to maximize deductions and credits subject to adjusted gross income (AGI), taxable income, or other applicable limitations.

Learning Objectives:

Identify year-end tax planning opportunities for S corporations and their shareholders based on the timing of income, deductible expenses, and taxable transactions.
Evaluate the potential tax consequences of accelerating business expenses or deferring income to manage an S corporation's taxable income.
Explain how strategically “bunching” certain expenses may help taxpayers maximize deductions and credits that are subject to AGI, taxable income, or other limitations.
Assess the tax-planning considerations associated with fixed asset acquisitions, including the potential benefits of making qualifying purchases before year-end.
Apply year-end planning strategies designed to maximize the potential Qualified Business Income (QBI) deduction, while recognizing applicable limitations and shareholder-level considerations.
Evaluate Pass-Through Entity Tax (PTET) considerations and identify circumstances in which PTET planning may affect the federal and state tax position of an S corporation and its shareholders.
Evaluate shareholder reasonable compensation considerations and identify potential year-end planning issues associated with shareholder compensation.
Identify appropriate tax treatment and documentation considerations for shareholder-paid or out-of-pocket business expenses.
Assess estimated tax planning strategies for S corporation shareholders and identify opportunities to reduce potential underpayment exposure.
Evaluate the potential tax and payroll considerations of employing a spouse in an S corporation-owned business.
Identify year-end retirement and pension funding opportunities that may affect the corporation's taxable income and the shareholders' overall tax position.

A live Q&A session will follow the presentation, offering participants an opportunity to clarify concepts and engage directly with experts.

This course will reflect the most current regulations and guidance. Any updates or changes to relevant laws or requirements will be fully incorporated into the content to ensure accuracy and compliance.

Who Should Attend:

CPAs, EAs, tax return preparers, accountants, and tax professionals

Credits and Other information :

IRS CPE Credits: 2.0 TAX

Session Prerequisites and preparation: None

Session learning level: Basic

Location: Virtual/Online

Delivery method: Group Internet Based

IRS Course ID: DFFSC

Attendance Requirement: Yes

Session Duration: 120 Min

Case Studies and Live Q&A session with speaker

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