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State Tax in Estate Planning; Employment Tax; Blockers; S Corp 1 Class of Stock

STATE TAX IN ESTATE PLANNING; EMPLOYMENT TAX; BLOCKERS; S CORP 1 CLASS OF STOCK

Cost Free
Presentation Length 1.5 hours

Recorded DateSeptember 30, 2022
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelAdvanced
Course Description

Drawn from Steve Gorin’s 2nd quarter 2022 newsletter, this course discusses recent developments in state income tax of business sales, state estate tax, and whether (from an estate planning viewpoint) to try to deduct state income tax attributable to pass-through business income. We will briefly review recent developments in nonresident trusts paying income tax on pass-through business activity and resident estate taxation of QTIP trusts. Then we will spend some time on estate planning implications of states’ efforts to work around federal limitations on deducting state taxation of pass-through business income.

We will also discuss a potpourri of employment tax issues, as well as why giving Form 1099 to an officer can be a bad idea and how a service recipient got his hand slapped for reporting compensation as a gift. We will look at the IRS’s reaction to a Sixth Circuit case regarding S corporation compensation issues and how deferred compensation can wreak havoc in the sale of a business structured as an asset sale. Finally, we will review the S corporation second-class-of-stock prohibition, which is intertwined with the other topics to some extent.


Learning Objectives:


  • Review estate planning implications of state tax issues

  • Demonstrate the pitfalls of self-employment blockers

  • Identify how the IRS attacks on playing games with how one reports employment income

  • Review how S corporations might deal with practical issues that may cause distributions to be disproportionate temporarily

Not logged
PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Thompson coburn llp

Steve has drafted trusts and a full range of estate planning documents for clients to help grow, preserve, and transmit their family wealth. He has also prepared organizational documents for limited liability companies, corporations, and partnerships to implement their owners' wishes regarding current and future control and transmission, including bringing in new owners and facilitating exit strategies. 
Steve enjoys helping clients structure their affairs to achieve their personal, business, and financial goals while reducing the drag that taxes imposed on them. His firm provides full service to businesses; however, he also acts as counsel on specialized matters while cooperating and facilitating the continued involvement of an existing legal, accounting, and financial services team. Steve maintains his CPA license but prefers to refer income tax returns to practicing CPAs.

Steve Gorin is the former president and an ongoing contributor to Covenant Place’s strategic initiatives. It is a senior affordable housing community with a groundbreaking model for integrated residents with the surrounding community and facilitating holistic services to enrich their lives. 
 
To know more about Steve Gorin, kindly click on the link below:
http://thompsoncoburn.com/people/steve-gorin
 
For various free resources Steve offers, see https://www.thompsoncoburn.com/insights/blogs/business-succession-solutions/about
 

About Our Presenter

Thompson coburn llp

For approximately 90 years, Thompson Coburn LLP has provided the quality legal services and counsel our clients demand to achieve their most critical business goals. Whether helping with a tax, estate planning, real estate or employment issue, navigating a complex acquisition or defending a product or service in litigation, we have the knowledge and resources to meet any legal need.


With over 380 attorneys, we have experience in more than 50 areas of the law. Supported by our firm's state-of-the-art technology, lawyers in our Chicago, Dallas, New York, Los Angeles, Southern Illinois, St. Louis and Washington, D.C. offices enjoy a nationwide practice.