EA Exam Prep Part 2: C Corporations (Currently Unavailable)
Author: Eva Rosenberg
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Law for CTEC |
This is the thirteenth class of the EA Exam Prep Part 2 series. Many believe that taxation of corporations is complex. Not TaxMama®. In this course, she provides a straightforward discussion of the various areas of corporate taxation. Learn the difference between business formed before 1997 and those formed in 1997 and beyond. Get answers to questions such as: How do you treat property exchanged for stock? What does “control of a corporation” mean? What forms need to be filed? What about other business forms that convert to corporation status? How do I determine “reasonable compensation?” Review current tax law changes, and more.
Publication Date: August 2019
Designed For
Tax practitioners of all levels, regardless of experience, who want to learn about income tax preparation and more. Excellent training for staff working in tax offices, accounting practices, and corporate settings, as well as independent bookkeepers. This course provides an in-depth look at corporations. It is especially helpful to those with no hands-on experience preparing tax returns – and those who are returning to tax preparation after years in corporate or other jobs. This course is also designed to help CPAs earn their Enrolled Agent credential so they can practice anywhere in the country without re-certifying.
Topics Covered
- What is a corporation
- Corporation rules pre 1997 and post 1996
- Filing requirements
- Personal service corporations (PSC)
- Specific Service Trade or Business (SSTB)
- Holding companies
- Limited Liability Company (LLC)
- Section 351 — property exchanged for stock
- Election of corporate status
- Control of a corporation
- Required tax forms
- Form 8832
- Tax rates
- Corporate profits
- Ways to reduce profits
- Dividends received deduction
- Charitable contribution deduction
- Distributions
- Gain from property distributions
- Net operating losses
- How net operating losses affect the dividends received deduction
- Capital losses
- Accumulated earnings
- Accumulated earnings penalty
- Reasonable compensation
- Trust fund recovery penalty
- Shareholder debt
- Estimated tax payments
- Complete liquidation
Learning Objectives
- Identify the basics of corporate taxation
- Identify corporate deductions available only to corporations
- Recognize how to properly classify distributions
- Identify income tax forms and filing deadlines
- Identify the excess accumulated earnings penalty
- Identify trust fund recovery penalties
- Recognize personal service corporations (PSC) and tax implications
- Identify Section 351 exchanges
- Describe Personal Holding Companies and associated tax implications
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
