Video: Introduction to S Corporations: Calculations

In this lesson, the journey through S-Corporation complexities continues with Nick Palazzolo, CPA, honing in on the essential calculations required to master S-Corp taxation. Bringing concepts to life through practical examples, Nick revisits rules and situations discussed previously and shows how altering a single variable can impact a tax scenario—something that's crucial for understanding the nuances of S-Corps. By actively solving problems and dynamically exploring 'what-if' situations, this hands-on approach ensures a deeper comprehension of the material, setting the foundation necessary to tackle similar questions during the exam.

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Video Transcript

Instructor: Nick Palazzolo

Nick Palazzolo is head instructor of ExamPrep.ai CPA Review. Nick's teaching style is engaging & upbeat, combining practical Big 4 tax & assurance expertise with years of 1-on-1 coaching. His lessons are concise and emphasize what you need to know to pass. Whether you're a recent grad or working full-time, we’re confident you can conquer your CPA exams with Nick’s review.

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Let's get to it. We have a lot of work to do. This lesson follows our first S-Corp lesson closely, referencing many of the same rules, concepts, and tax situations. But we're more focused here on the calculations because you're going to get lots of questions whether they are conceptual-based or they are memorization and calculation-based. This is a lot more examples, but these are items where we're going to explain even more concepts, but through examples. I love teaching through examples and I know you love learning through examples. While we did cover some of this in the previous lesson, there's always more math to work on and a lot of what we will see that we did see in the prior lesson, we're going to change one thing. And how does that affect the question? We're going to change another thing. How does that affect the question? Because something you could very easily see on the exam as well. As a former, not too long ago, test taker, gosh, what has it been? A few years now, four or five years. It feels like it never stopped. It just immediately continued tutoring, being involved with the exam. So it just feels like I've been dealing with this exam for probably about six, seven years. It's something insane. Anyway, we are moving on. We're diving into this. Enough about my life story. Love to hear yours someday, but focus on passing and we'll get through it together.

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S corporations

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