Introduction to Corporate Taxation, Part 1

Key Take Away:
For tax year 2013, the IRS reported that about 5.9 million corporations filed tax returns. This number has been growing in recent years.

Overview:
Tax professionals and business attorneys who work with corporations need a good understanding of corporate tax law to serve these millions of corporations effectively. Auditors also need a basic understanding of corporate tax law to prepare the accrual for the income tax liability and to calculate any deferred taxes.

Of course, the tax law is constantly changing due to changes in the Internal Revenue Code, new regulations from the Treasury, new rulings from the Internal Revenue Service, and decisions by courts.

Congress changed the due date for the income tax returns of C corporations for tax years beginning after December 31, 2015. It also changed the extended due date and provides for another change in the extended due date in the future. Tax professionals need to know these due dates to ensure timely filing of corporate tax returns. Failure to file a timely return can result in penalties for the corporation and possible malpractice claims against the tax preparer.

A qualified personal service corporation pays a flat 35 percent corporate income tax rate. Tax professionals need to understand what a qualified personal service corporation is. If the corporation is a qualified personal service corporation, a tax preparer needs to prepare the return correctly to avoid penalties for the corporation and the preparer. Tax planners need to understand how a corporation that performs services can avoid the classification as a qualified personal service corporation.

Tax professionals need to understand how a limited liability company may elect to be taxed as a corporation and if eligible as an S corporation. Tax professionals need to understand the advantages and disadvantages of such elections and be able to explain them to their clients.

Tax professionals need to understand the special deductions allowed to corporations and the limits on them. They also need a basic understanding of the corporate alternative minimum tax.

Why Should You Attend:
You will learn the following during this live webinar session:

• How a limited liability company (LLC) may elect to be taxed as a corporation
• How an eligible LLC may elect to be taxed as an S corporation
• Why an LLC would elect to be taxed as a corporation or S corporation
• The factors used to determine whether a corporation is merely an agent of another corporation
• The treatment of a corporation’s capital gains and losses
• The limit on the deduction for a corporation’s charitable contributions
• The treatment of organization costs and start-up costs
• The excise tax on golden parachutes
• The corporate tax rates and the flat tax rate for a qualified personal service corporation
• The basic aspects of the corporate alternative minimum tax
• The new due date for tax returns of C corporations
• The dividends received deduction for C corporations
• Why shareholders should not transfer stocks to corporations

Areas Covered In This Webinar:
This corporate tax training covers the definition of a corporation for federal income tax purposes. This definition is broader than the definition for state law purposes. An association can be taxable as a corporation. A limited liability company (LLC) may elect to be taxed as a corporation under the “check-the-box regulations”. 

Participants will learn how an LLC may elect to be taxed as a corporation, and if the LLC meets the requirements how it may elect to be taxed as an S corporation. Operating as a LLC that has elected to be taxed as an S corporation can reduce the risk of losing the business to a personal judgment creditor of the LLC member while potentially reducing payroll taxes.

The speaker will also explain that a corporation that is a mere nominee or agent of another corporation is not a taxable entity.  It explains the factors the courts use to determine whether a corporation is merely an agent of a different corporation that serves as its principal.

Attendees will learn the special rules that apply to the deduction for charitable contributions by C corporations. They will also learn how the tax treatment of capital gains and losses differs from their treatment by individuals.

This IRS tax training includes a discussion of the treatment of start-up costs and organizations costs. Included is an explanation of the deemed election to deduct a limited amount of these costs. This session describes what a corporation does with such costs that are not currently deductible.  Also, this session explains how to avoid the deemed elections for these costs.

This webinar defines golden parachute payments. It explains their tax treatment to the corporation and to the recipients of these payments.

The speaker will also describe the tax rates on corporations and the flat tax rate that applies to qualified personal service corporations. Participants will learn a planning technique for avoiding the qualified personal service corporation classification.

You will learn about the changes regarding the due date for income tax returns of C corporations and the rules for extensions of time to file the return.

This session explains what double taxation and triple taxation mean. Participants will learn how the dividends received deduction allowed to C corporations reduces the effects of triple taxation.  They will also learn how to calculate the dividends received deduction, including the limits that apply to it.
Learning Objectives:

• Define a corporation for federal income tax purposes.
• Understand the tax base, the tax rates, and tax return requirements for corporations.
• Understand what double taxation and triple taxation mean.

Who Will Benefit:

• Tax professionals (CPAs, enrolled agents, attorneys) who deal with corporate taxes
• Auditors who need a basic understanding of corporate taxes
• Business attorneys who advise corporate clients or individuals planning to form corporations
• Management accountants
• Entrepreneurs who operate corporations or are considering forming a corporation

Level: 
Beginner

For more information, please visit :http://bit.ly/2oqpNGL
Email: [email protected] 
Toll Free: +1- 844-414-1400
Tel: +1-516-900-5509

Speakers Profile:
Alan D. Campbell
Alan D. Campbell received his B.S. in accounting and his MBA in business administration from Arkansas State University. He received his Ph.D. in accounting from the University of North Texas. 

He has served on the accounting faculties of several major universities. He has taught numerous courses in tax accounting and management accounting. 

He is a Certified Public Accountant in Arkansas and Florida. He is also a Certified Management Accountant, and he is admitted to practice before the United States Tax Court. He is a member of the American Institute of Certified Public Accountants, the Florida Institute of Certified Public Accountants, and the Institute of Management Accountants.

He has published articles in numerous accounting and tax journals including the Journal of Accountancy, 

The Tax Adviser, and Practical Tax Strategies.

He is the co-author of the book Tax Strategies for the Self-Employed, which was published by CCH in 2001. He served as the revision editor for three editions of the CCH Financial and Estate Planning Guide. He has also written study guides to accompany a management accounting textbook and a cost accounting textbook.

He has made numerous continuing professional education presentations at conferences of the Florida Institute of Certified Public Accountants.

Others Details

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