Everything You Need to Know - C Corp

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • MRTP
  • CFIRS
  • CWS

Published: July, 2022

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Requirements to make election
    17 mins
  • Accounting methods and taxable years
    32 mins
  • Nominal contributions
    82 mins
  • Change in taxable year
    110 mins
  • Transactions between related corps
    147 mins
  • Accumulated income formula
    174 mins
  • Stock basis calculation
    207 mins
  • Control group rules
    280 mins
  • Substantially disproportionate
    327 mins
  • What government orders count
    379 mins

Course Description

The business structure a client chooses influences virtually everything: day-to-day operations, taxes, how much of their assets are at risk, and more. For this and many other reasons, a client must choose a business structure that gives the right balance of legal protections and benefits.

C Corps are an interesting structure that we see some of our larger clients utilize. With that, there are many interesting subjects and differences that you do not see with other structures.

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. 

In this online tax course, speaker Nicholas Preusch will look at the life cycle of a C Corp from contributions of capital to dividends and liquidation. We will look at C Corp-specific subjects as well such as Personal Service Corporations and Holding Corporations. 

The CE/CPE webinar will touch a little on S Corps, specifically how to convert to an S Corp and some S Corp basis issues. By the end of the webinar, you should feel confident in issue-spotting and identifying major issues with your C Corporation clients.

Here is the link to your interests: IRS Approved Courses 

Learning Objectives

  • To discuss the correct entity classification for business entities.
  • To apply the correct accounting methods and taxable years for Corporations.
  • To inspect if a corporation is a PSC or PHC.
  • To analyze if IRC 351 applies to corporate contributions.
  • To calculate the Dividends Received Deduction.
  • To inspect if you can convert to an S Corp, how to convert to an S Corp, and calculate the basis.
  • To analyze if a control group applies.
  • To discuss when IRC 1244 applies.
  • To explain when IRC 1202 applies.

Recommended For

  • This IRS-approved CE course is for CPA (US), EA, AFSP, CRTP, MRTP, ORTP, CFIRS, CWS, and other tax professionals interested in understanding the specifics of choosing the form of entity and its taxation aspects.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Senior Accountant
  • Staff of Accounting Firm
  • 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

  • 8 General Credit for Accountant/Bookeeper
  • 8 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 8 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1010)
  • 8 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01228-22-S)
  • 8 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01228-22-S)
  • 8 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01228-22-S)
  • 8 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 8 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 8 CE Credit for Certified Wealth Strategist (CWS)

Additional details

  • Course Level :
    Basic
  • Credits :
    8
  • Instructional Method :
    QAS Self Study
  • 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.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, 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 continuing education requirement as 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.
  • 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

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SG

Solomon Grosinger, EA

Jul 26th, 2022

Perfect course

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