Operating Considerations of a C Corporation - Part 1

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Description

Operating Considerations of a C Corporation - Part 1
IRS Program #: X9QQU-T-01014-23-O
CTEC #: 6257-CE-0161
CE: 2 IRS & 2 CTEC credits
Speaker: Patrick Dimmitt, EA, MST

During Part 1 of this course, we will explore initial year tax elections made, specifically their tax treatment going forward and the impact on the tax liability of the entity over the years. Consider tax handling of items between the owner and C corporation, as well as, other related entities of the C corporation where there is common ownership.

Learning Objectives:

Define Organizational expenses and start-up costs and tax treatment.
Review options for Capital expenses, De minimis safe harbor (capitalize vs expense equipment), and improvement versus repair expense.
Analysis of reasonable compensation of owners; owner fringe benefits and dividends paid on C corporation profit.
Consider items between owners and entity, and review treatment when taxpayers are not on the same accounting method as C corporation.
Controlled Group entities and impact on tax filings of group members.

Contributors

Patrick Dimmitt, EA, MST

Patrick D. Dimmitt retired as a Large Business & International case manager after more than 38 years with the Internal Revenue Service. He received his Master of Science in Taxation from Indiana University’sKelley School of Business in Indianapolis, where he currently teaches graduate courses in partnership and state and local taxation.