Video: Corporate Taxation

In this lesson, Nick Palazzolo, CPA, navigates the intricate rules of corporate taxation with a focus on the concepts of gains, losses, and the control test for shareholders. He breaks down the criteria shareholders need to meet to avoid recognizing gain or loss, drilling into what constitutes boot property and how it impacts the tax implications. Diving deeper, Nick clarifies tax filing deadlines, methods for accounting, and the bases for donated property. Notably, he simplifies the sometimes complex quarterly payment requirements for small versus large corporations and the penalties associated with underpayments. In his characteristically engaging way, Nick also demystifies the tax rate changes brought upon by the Tax Cuts and Jobs Act and contrasts the taxation of C-Corporations with pass-through entities, bringing attention to the non-applicability of qualified business income deductions and the nuances of double taxation and limited liability for corporate owners.