ISCPA Tax School 2025 - Level 2 - virtual experience

Identify tax planning strategies for S corporations, including shareholder compensation, distributions, and basis considerations.

Recognize advanced tax issues for partnerships and LLCs, including income allocation, basis adjustments, and special elections.

Evaluate tax strategies that maximize benefits and reduce liabilities for small business entities.

Identify key tax rules and planning opportunities related to the income taxation of estates and trusts.

• Day 1 - Advanced Tax Planning S Corporations
  Interpret the rules relating to the adjustment of basis in stock by S corporation shareholders.
  Calculate gain and loss on the distribution of property.
  Apply the distribution ordering rules when an S corporation has accumulated earnings and profits.
  Evaluate the rules concerning fringe benefits received by and expenses incurred by S corporation shareholder-employees.
  Apply the rules relating to qualified subchapter S subsidiaries (QSubs).
  Assess the corporate reorganization rules on S corporations.
  Calculate the Section 199A deduction.
  
• Day 2 - Advanced Taxation Partnerships & LLCs
  Calculate what a partner will receive in complete liquidation of their partnership interest under Section 704(b) regulations.
  Identify the potential economic consequences of special allocations to a partner or LLC member.
  Distinguish between "book" allocations required under Section 704(b) and "tax" allocations required under Section 704(c).
  Identify the potential tax consequences when a partner or LLC member makes a contribution of appreciated or depreciated property to the entity.
  Distinguish among the various methods prescribed by the regulations to make required special allocations with respect to contributed property.
  Distinguish between recourse and nonrecourse liabilities of a partnership or LLC.
  Calculate the basis of each property received by a partner or member receiving multiple properties in liquidating and non-liquidating distributions from a partnership or LLC.
  Recognize which properties will receive a step up or step down in basis when multiple properties are received from a partnership or LLC.
  Assess when a partnership or LLC should make a Section 754 election to allow it to increase or decrease the basis of its assets.
  Assess the consequences for the buyer associated with the sale of an interest in a partnership or LLC.
  
• Day 3 - Tax Planning for Small Businesses (morning)
  Identify important tax considerations for the small business at each stage of its life.
  Calculate the qualified business income (QBI) deduction, built-in gains (BIG) tax, and the deduction for organizational costs and start-up costs.
  Differentiate the advantages available for small businesses based on entity type.
  Analyze which activities of a taxpayer are subject to self-employment taxes.
  
• Day 3  - Estate & Trust Primer (afternoon)
  Identify the elements of a trust.
  Determine where a trust has situs.
  Recognize the difference between principal and income as defined by the Uniform Principal and Income Act (UPAIA).
  Identify tax payment and reporting requirements for estates and trusts.
  Distinguish between simple trusts and complex trusts.
  Determine when a grantor has a reversionary interest.
  Recall how pooled income funds are taxed.
  Recall the filing requirements for estates and trusts.