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Complete Guide to Subchapter S-Corporations – Revised Edition

Complete Guide to Subchapter S-Corporations – Revised Edition cover image
Complete Guide to Subchapter S-Corporations – Revised Edition cover image Complete Guide to Subchapter S-Corporations – Revised Edition cover image Complete Guide to Subchapter S-Corporations – Revised Edition cover image
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by: Craig W. Smalley, EA, MST
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Publication Date: May 30, 2016
Book Size: 5" x 8"
Pages: 39
Binding: Perfect Bound
$19.99

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Book Synopsis
When I was in college, I worked for a Certified Public Accountant. I would go into his office a few days in a week, and I did data entry. The bookkeeper would give me checks that were coded, and journal entries to make and I would enter these transactions into accounting software. When the transactions were entered, I would run reports and give them to the CPA. The CPA’s office intimidated me. It was filled with nothing less than 100 clocks that would regularly tick. The clocks were set for different times. I never knew the significance of the differences in time. My best guess was that he set them for different times so they wouldn’t all chime at once.
One day, a client called the office and asked to speak to the CPA. I placed the caller on hold and went straight to the CPA’s office. The CPA’s back was turned to me, and he was working on his computer. He could barely see and I think might have been legally blind, so he was sitting scrunched up to the computer screen. As I made my way to his desk, the ticking of the clocks was ominous…as if announcing my arrival a few of the clocks began to make a dinging noise. The loud clamber of bells startled me and caused me to stutter. “Mr. Moore, you have a telephone call.” Mr. Moore sat there with his back turned to me. He asked me who was on the phone and I told him. Without turning around he said: “I need to know if he is an S-Corporation or a C-Corporation.” That was my first exposure to Subchapter S-Corporations.
S-Corporations are kind of a neat trick in the Tax Code. IRC §1361 defines an S-Corporation as …the term “S corporation” means with respect to any taxable year a small business corporation for which an election under section 1362(a) is in effect for such a year. In layman’s terms, an S-Corporation is what is known as a “flow-thru” entity. The corporation itself does not pay income tax. The profits (or losses) flow-thru to be claimed on the shareholders personal income tax return for the year.
Most small businesses, at least in their initial years, elect to be taxed as an S-Corporation. This book is designed to give you a clear understanding of how an S-Corporation functions. We will discuss the following topics:
• S-Corporation Election and Structure
• Reasonable Compensation and Distributions
• Common Issues of an S-Corporation
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