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The tax liability of a C corporation is separate from its owners, and thus a C corp is subject to double tax: The corporation's profit is taxed when earned and taxed again when distributed to shareholders as dividends. This session with taxation expert Vicki Mulak EA, CFP®, will explore the various phases of a C corporation's life - from how it comes into existence to how it is maintained as a state law entity. Vicki will focus on return preparation issues including managing start-up costs, capitalization, shareholder compensation, net income for book and tax, net operating losses and dividends. You will get examples of common scenarios with
calculations and completed tax forms.
Key Learning Objectives
- Understand how a C corporation is formed and capitalized
- Gain confidence in calculation and reporting of a C corporation dividend
- Understand issues affecting personal service corporations (PSCs)
- Recognize transactions eligible for the qualified small business stock exclusion
- Increase awareness of advantages and disadvantages of the C corporation
- How to effectively secure and/or retain fiscal years for various types of C corporations
- Managing passive activity losses in the C corporation
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Vicki L Mulak
Vicki is an Enrolled Agent and Certified Financial Planner (CFP) and owner of American Financial and Tax, a tax preparation, planning and representation firm, which was founded in Tustin, California in 1985, when Vicki became both a resident and a business owner.
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