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RB140122a
Implementation of the New 3.8% Net Investment Income Tax for S Corporations and Their Shareholders (Rebroadcast)
Date
January 22, 2014
The new 3.8% net investment income tax (NIIT) under section 1411 will affect many partners and S Corporation shareholders. The IRS is expected to finalize regulations and Instructions to the Draft Form 8960, Net Investment Income Tax – Individuals, Estates, and Trusts, (as of August 7, 2013) by the end of 2013. After the rules are finalized, practitioners will need to advise their clients on how to implement this new tax.
During this webcast, the speakers will provide suggestions to practitioners with S corporation clients on how to implement the new tax as it applies in its first year. The speakers will provide a background of the NIIT and its application to S corporations and S corporation shareholders, including definitions of key terms, passive versus active income, and state income tax considerations. Examples will be provided.
The following issues will be covered:
• Which S corporation shareholders are subject to the tax
• How the new tax is calculated
• What types of income are subject to the tax
• What amounts are deductible for purposes of computing net investment income
• What are the reporting requirements for partnerships
• Effect of the new tax on a taxpayer’s grouping elections under section 469
• Effect of the new tax on dispositions of interests in S corporations
During this webcast, the speakers will provide suggestions to practitioners with S corporation clients on how to implement the new tax as it applies in its first year. The speakers will provide a background of the NIIT and its application to S corporations and S corporation shareholders, including definitions of key terms, passive versus active income, and state income tax considerations. Examples will be provided.
The following issues will be covered:
• Which S corporation shareholders are subject to the tax
• How the new tax is calculated
• What types of income are subject to the tax
• What amounts are deductible for purposes of computing net investment income
• What are the reporting requirements for partnerships
• Effect of the new tax on a taxpayer’s grouping elections under section 469
• Effect of the new tax on dispositions of interests in S corporations
Speakers
Kevin J. Walsh, CPA, CGMA
Owner/Vice-President, Walsh, Kelliher & Sharp, CPA's, APC
Partner, Keebler and Associates, LLP
Christopher W. Hesse, CPA
Principal, CLA
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