Training Course Syllabus:

Objectives of the Presentation

Understand how a C corporation is formed and capitalized
Gain confidence in calculation and reporting of a C corporation dividend
Understand issues affecting personal service corporations (PSCs)
Recognize transactions eligible for the qualified small business stock exclusion
Increase awareness of advantages and disadvantages of the C corporation
How to effectively secure and/or retain fiscal years for various types of C corporations
Managing passive activity losses in the C corporation

Why Should you Attend

This session with taxation expert Vicki Mulak EA, CFP®, will explore the various phases of a C corporation´s life - from how it comes into existence to how it is maintained as a state law entity. Vicki will focus on return preparation issues including managing start-up costs, capitalization, shareholder compensation, net income for book and tax, net operating losses and dividends. You will get examples of common scenarios with calculations and completed tax forms.

Areas Covered

Personal service corporations (PSCs)
Fiscal years
Paying dividends
Accumulated Earnings Tax (AET)
Extension of time to pay taxes for current year due to NOL carry backs
C corporation as a "real estate professional"
Corporate conversions to other business entity types

Seminar Summary:

Different taxation rules apply to C and S corporations. The tax liability of a C corporation is separate from its owners, and thus a C corp is subject to double tax: The corporation's profit is taxed when earned and taxed again when distributed to shareholders as dividends. According to the IRS, the corporation does not get a tax deduction when it distributes dividends to shareholders and shareholders cannot deduct any loss of the corporation. This is primarily how a C corp differs from an S corporation; an S corp can avoid c by passing corporate income, losses, deductions and credits to shareholders who then report the flow-through on their personal tax returns, under IRS tax rules. (see full course description)

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