Taxable Year Ends for S Corps, LLCs, and C Corps

Description

This seminar specifically addressed annual accounting periods and tax year ends.

Highlights

LINK AND INSTRUCTION TO COME FROM AES TAX ONE DAY PRIOR TO SESSION

Objectives

After completing this course the participant will be able to:

• Explain the purpose of an accounting period and accounting method.
• Identify the taxable year ends that are required for various entities, including an individual, trust, estate, partnership, S corporation, C corporation, and personal service corporation.
• File Form 1128 to change an accounting period (cost is $5,750).
• Explain a 52-53 week year end.
• Describe the use of a §444 election, including:
• - Identify who can make the election
• - Calculate the minimum distribution required under §280H;
• - Calculate the maximum amount deductible under §280H;
• - Calculate the required payment under §7519 and Form 8752.
• Evaluate whether to advise a client to use other than a required taxable year end for a particular entry.
• Explain the options if the taxpayer is using other than a required taxable year end (see Rev. Proc. 2022-19).