Learn how to maximise advantage with key tax aspects of a C corporation.
Many organizations use the C corporation structure to raise money and shield their shareholders from liability. We will discuss the key tax aspects of a C corporation and how it can be used to maximum advantage. Key topics include double taxation, the treatment of dividends, the deductibility of interest expense, disallowed deductions, capital gains and losses, the personal holding company tax, and much more. This course is designed to present a concise, compact discussion of essential issues related to C corporations.
Learning Objectives
- You will be able to review the situations in which C corporation liability can pass through to a shareholder.
- You will be able to identify methods used to reduce the effects of double taxation.
- You will be able to describe the circumstances under which the cash basis and accrual basis of accounting should be used.
- You will be able to discuss the types of expenditures that can and cannot be deducted by a C Corporation.
Agenda
Overview
- C Corporation Formation
- C Corporation Characteristics
- Shareholders
- Shares
- Basis
- Double Taxation
- Payments to Shareholders
- Earnings and Profits
- Tax Years
- Recordkeeping and Methods of Accounting
Mechanics
- Contributions to a Corporation in Exchange for Stock
- Start-up Expenses
- Organization Expenses
- Charitable Donations
- Entertainment Expenses
- Interest Expenses, Capitalization of Interest, and Below Market Loans
- Dividends Received Deductions
- Taxes Incurred and Inventory Treatment
- Disallowed Deductions
- Gains on Cancellation of Debt, Capital Gains and Losses, and Net Operating Losses
Advantages and Disadvantages of C Corporation
- Personal Service Corporations, Personal Holding Companies, and At-Risk Limitations
- The C Corporation Tax Return
- C Corporation Estimated Taxes and Filing Penalties
- Accumulated Earnings Tax and Personal Holding Company Tax
- Stock Dividends, Non-Liquidating Dividends, Disguised Dividends, and Constructive Dividends
- Stock Redemptions and Spin-Offs
Corporate Termination, Business Comparison, and Summary
- Liquidations - Shareholder
- Liquidations - Corporation
- Comparison of Organizations Structures: C Corp, S Corp, and Partnership
Speakers
Bates H. Whiteside, CPA
Bates H. Whiteside, CPA LLC
- Certified public accountant in private practice providing business and tax consulting services for small businesses
- Services include audit, review, and compilation of financial statements; income tax compliance and planning services; computer consulting services including LAN administration; representation of clients before various tax agencies, including IRS offers in compromise and penalty abatement requests for income and employment tax liabilities; estate planning; employee benefit consulting, including third party administration of health, 125, and pension plan administration
- Financial planning for small business owners including estate planning and tax planning
- Member of the American Institute of Certified Public Accountants and the Louisiana Society of Certified Public Accountants
- Board member of the New Orleans International Ballet Conference, Inc. and the Greater New Orleans Youth Orchestra, Inc.
- M.B.A. degree, Loyola University; B.S. degree in accounting, Louisiana State University
Who Should Attend
This live webinar is designed for accountants, CPAs, CEOs, presidents, vice presidents, CFOs, controllers, business owners and managers, bookkeepers, and enrolled agents.
