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C-Corporation Initial Year Filing Considerations
IRS Program #: X9QQU-T-01016-23-O
CTEC #: 6257-CE-0163
CE: 2 IRS & 2 CTEC credits
Speaker: Daryl Brown, PhD, EA, CPA
During this course, we will discuss what needs to be addressed in a C Corporations first year of operation. Review elections and choices you make that will affect your future tax liabilities. Items addressed will be centered around initial tax year elections to be considered and accounting method adopted with the first tax filing. This will lead to a Comprehensive review of the choice of accounting method and how to address and maintain books and work papers when a company has a different tax method than their books and records or Applicable Financial Statements.
- Explain initial year elections, Tax years, and filing requirements.
- Discuss electing a qualified accounting method (cash, accrual, or Hybrid).
- Discussion of changes to accounting method after first tax year filing.
- Reviewing the small business exemption and its impact on choosing a qualified accounting method to file for Tax.
- How to identify if an entity has inventory under IRC 471 and subsequent elections and tax filing considerations of reporting inventory.