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Understanding the Basics of C Corps

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • MRTP
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

A C-Corporation is a type of company that is owned by shareholders.

The shareholders elect a board of directors, who decide how the company runs. In a legal sense, corporations are separate entities that can sue and be sued. That means legal and financial liability lands on the shoulders of the corporation, not the business owners.

A C-Corporation must identify its overall accounting method on Form 1120, Schedule K, Line 1 as either cash, accrual, or other. Generally, a corporation may use any method of accounting supported by underlying books and records that clearly reflects taxable income consistently.

A personal holding company is known as a C-Corporation formed to own the stock of other companies; therefore, the holding company doesn't offer products or services but merely owns the shares of other corporations. A personal service corporation is a corporation that is created to provide personal services to individuals or groups. For these C Corporations to be considered a personal service corporation by the IRS, the employee-owners must perform at least 20% of the personal services themselves.

This CE/CPE tax webinar will also help you to analyze if a C Corp is a Personal Holding Company or Personal Service Corporation.

With the help of this CE/CPE course, you will be able to understand all the basics of C Corporation which is essential for 1120 reporting obligations.

Profits earned by the corporation are taxed at the corporate income tax rates. If there is enough profit left over to pay out dividends to shareholders, the distributions are taxed again to the individual stockholders at their regular tax rates.

The dividends received deduction is a federal tax deduction in the United States that is given to certain corporations that get dividends from related entities and this CE/CPE webinar will help you to understand how the dividends received deduction works.

Schedules M-1 and M-2 are mysterious for many new tax preparers and this CE/CPE webinar will unravel these mysteries of Schedules M-1 and M-2 for C corporations.

S-Corp conversion is the process of electing S corporation tax treatment for a standard C corporation or limited liability company (LLC). Before making this election, it's important to understand the tax implications and other issues that may affect your business.

This CPE webinar will also help you in S Corp Conversions.

Following are the major topics covered in this CE/CPEtax webinar:

  • C Corp Formations and Check the Box Rules
  • Accounting Method and Taxable Years
  • IRC 351
  • Personal Holding Companies
  • Personal Service Corporations
  • Dividends Received Deduction
  • Constructive Dividends
  • Accumulated Earnings Tax
  • Schedule M-1 and M-2
  • S Corp Conversions
  • Controlled Groups

Learning Objectives

  • To analyze how a C Corporation is formed and how the check the box rules interact with the C Corp formation.
  • To explain applicable accounting methods and tax years for C Corps.
  • To inspect when IRC 351 applies so there is no tax on corporate formation.
  • To analyze if a C Corp is a PHC or PSC.
  • To analyze how the dividends received deduction works.
  • To analyze when a constructive dividend may have been issued by the C Corp.
  • To investigate if the Accumulated Earnings Tax applies.
  • To discuss how to convert a C Corp to an S Corp.
  • To discuss how to fill out an M-1 and M-2.
  • To inspect if a controlled group exists and what it means if there is one.

Recommended For

  • This IRS-Approved CE/CPE webinar is recommended for CPA, EA, AFSPs, CTECs, Tax Professionals, Tax Directors, Tax Practitioners, and Tax Attorneys desiring to tackle reporting obligations of Form 1120 for a C-Corp.
  • This CE/CPE webinar is insightful for tax managers, CFOs, controllers, compliance managers, risk managers, and business owners.
  • This CE/CPE course is beneficial for corporate tax professionals or staff, who want to understand all the basics of C Corporation from its formation to its conversion.

Who Should Attend?

  • Annual Filing Season Program
  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • Certified Public Accountant (CPA)
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 4 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00823-21-O)
  • 4 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 4 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0766)
  • 4 CE Credit for Annual Filing Season Program (AFSP)
  • 4 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00823-21-O)
  • 4 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00823-21-O)
  • 4 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 4 CE Credit for Certified Wealth Strategist (CWS)
  • 4 General Credit for Accountant/Bookkeeper/Tax Professionals

Additional details

  • Course Level :
    Basic
  • Credits :
    4
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Nicholas Preusch

Certified Public Accountant (CPA), Nicholas Preusch

Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the  AICPA’s Tax Executive Committee. Nicholas is an adjunct professor at the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).

Faq

FAQs content

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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.6

14 Ratings

Excellent

10

Very Good

3

Average

0

Poor

1

Terrible

0

TM

Tina Muswieck, Accountant, EA

May 20th, 2022

Great instructor with a lot of knowledge. It expanded my understanding C-corps considerably.

DR

Digna Robles

Mar 8th, 2022

I have enjoyed all the learning.

Understanding the Basics of C Corps

PREMIUM

4 Credits

Subject Area

Taxes

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