The second part of a three-part series on S Corporations, an entity type where a lot of clients have chosen to play the ‘beat the FICA tax game’. S Corporations are also looked at to get the maximization of the 199A deduction. In this course, Chis Province, CPA, will take you through more of the operating aspects of an S Corporation including non-separately stated items, separately stated items, new disclosure on the K1 with the shareholder loans (new for 2020-2021).   Also mentioned in part 2 is the new form 7203 that the IRS is in the process of developing, where we’re going to have to report additional information on stock basis and debt basis. Chris will cover compensation planning, reasonable compensation- code section 199a, and he will give you specific examples from his tax practice of how he has saved his clients tens of thousands of dollars with proper tax planning.