Tax Experts Decipher the Complexities of S Corporation Employee Benefits in New BNA Tax & Accounting Webinar

ARLINGTON, Va., April 5 /PRNewswire-USNewswire/ -- The tax treatment of employee benefits in an S corporation is tricky because S corporation shareholders are treated as partners for some benefits, but not for others.  On May 11, 2010, Jim Lynch and Ken Bagner from the accounting firm Sobel & Co. will lead a BNA Tax & Accounting webinar, S Corporation Employee Benefits, in which they will explain the rules and point out which benefits fall into which category, while referring extensively to the Code and regulations.  

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Various benefits, starting with the mini or solo 401(k) and health plans will be examined, and Lynch and Bagner will follow with a discussion on benefits for which S corporation shareholders are not treated as partners.  This section will emphasize reporting requirements, explain benefit set-up, and detail planning opportunities so that participants will be able to help their clients in this challenging area.  

In 60-90 minutes, Lynch and Bagner will cover:

• General Introductory Comments and Definitions
  • S corporation
  • 2 percent shareholder
• Fringe Benefits (division based upon Internal Revenue Code)
  • Benefits available to C corporation shareholders
  • Special treatment of those benefits in general
  • Benefits available to partners
  • General treatment of benefits
• Pensions for S corporations
  • A brief history
  • Where we are now?
  • Solo or mini 401(k) – and who should use it
• Treatment of Health Savings Accounts and Medical insurance
  • Includible in Wages
  • Deductible by corporation
  • Treatment on Shareholder's return
• Application of those rules to other benefits
• Planning opportunities for S corporations
  • Benefits available
  • What to do to get benefits

"S corporations offer employee benefit advantages not available to some employees of partnerships and LLCs, but obtaining those advantages takes knowledge and skill beyond a working knowledge of employee benefits," says Allen Calhoun Managing Editor, Business Entities and Tax Accounting. "In fact, this area is only getting more complex. New Code Section 45R (added by the Health Care Act and taking effect in 2010) contains special provisions for 2% shareholders, and the additional hospital insurance tax (added by the Reconciliation Act, to take effect in 2013) highlights again the advantages of S corporation employees over taxpayers treated as general partners."

Speakers

Jim Lynch is a senior tax manager at Sobel & Co.  He prepares many of the firm's more complex personal, partnership, and fiduciary returns, as well as most of the firm's estate tax returns.  Jim also serves as an "in-house consultant" providing expertise on tax and related computer issues, as well as answering questions from clients.  In addition, he is significantly involved in research and planning, particularly in the partnership and estate areas.

Jim is a licensed Certified Public Accountant in New Jersey and New York and a licensed attorney in New Jersey.  He is a member of the American Institute of Certified Public Accountants and the New Jersey Society of Certified Public Accountants where he is a member of the cooperation with the Internal Revenue Service Committee.  He is the Secretary of  the International Law section of the NJSBA  and serves as the Treasurer of the American Branch of the International Law Association.  Jim is also a member of the International Fiscal Association.

Jim graduated from Rutgers University with degrees in accounting and law.  He also received an MBA in taxation from Fairleigh Dickinson University.

Kenneth Bagner is a Senior Audit and Accounting Manager at Sobel & Co.  He began his career with Sobel in 1999 and over the years has served diverse niches including commercial real estate, waste management, manufacturing, wholesale, not-for-profit organizations, and employee benefit plans.  He has a specialty in employee benefit plans, working within the Employee Benefit Audit Group and assuming a proactive role in managing several of the firm's group audits.

Kenneth is also an adjunct professor at Rutgers University where he teaches both taxation for the undergraduate level and the Certified Financial Planners Program. He is a member of the American Institute of Certified Public Accountants and the New Jersey Society of Certified Public Accountants.  Currently, he serves as the Immediate Past President for the Essex Chapter of the New Jersey Society of Certified Public Accountants and serves on the Board of Directors for the New Jersey Society of CPAs.

Kenneth is a 1999 graduate of Montclair State University where he earned his Bachelor of Science in Accounting.  In 2003 he graduated Summa Cum Laude from Rutgers University where he earned his Masters in Taxation.  He is a member of the Beta Gamma Sigma, the highest honor society for collegiate schools of business.

S Corporation Employee Benefits takes place May 11, 2010, from 12:30 – 2:00 p.m., ET). To register for this webinar and obtain further information about CLE and CPE credits, go to http://www.bnatax.com/s-corp-benefits-webinar/?open&cmpid=tmtxpr201 or call 1-800-372-1033, menu Option 6, then Option 1. The fee is $249 for BNA subscribers, $299 for nonsubscribers. To receive automatic, email notification of upcoming BNA webinars that may be of interest to you, go to: http://www.bna.com/emailsignup.htm

About BNA Tax & Accounting Webinars

BNA Tax & Accounting is the foremost source of tax and accounting research, news, practice tools, and guidance for tax attorneys, CPAs, corporate tax managers, estate planners, and financial accountants.  Designed for today's busy practitioners, our webinars offer the same expertise and relevance that are the hallmark of all BNA Tax & Accounting resources. In just 60-90 minutes, practitioners gain in-depth knowledge on a current tax or accounting topic from experts in that area — and benefit from practical applications that can be put to work immediately. Conference attendees have the opportunity to ask the speakers questions, and may be eligible to earn CLE or CPE credits — all from the convenience of their own office or conference room.

SOURCE BNA Tax & Accounting