Video: Introduction to Tax Planning for C Corporations

Tax planning for C corporations involves strategizing to minimize tax liability through lawful use of tax laws and regulations while considering the timing of income, deductions, and credits, and the selection of investments and types of revenue.

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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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Welcome friends to our lesson on tax planning for C-corporations. Just like all of our other tax planning lessons, this is going to take the details, the specifics, the rules, the thresholds, all of those concepts that we learned during our other lessons and bring them into more of a strategizing, more of various scenarios. How do you use those memorization based facts about the tax code to preserve income for C-corps, S-corps partnerships, individuals? Obviously you've got lessons on all those types of illegal entities and individuals. So let's see our learning objectives before we dive right in. All right. First off here, we're going to want to calculate the potential tax savings from utilization of net operating and capital loss carryovers. Now I know some of these things you may have seen before with us, and I know you've seen before. We've got examples of them. This lesson just being more practice with more, you change one thing. How does that change the scenario, right? Identify opportunities to optimize state and local tax rules in planning for business expansion, given a specific scenario, including apportionment of income and location of business. We also want to calculate the effect of changing tax rates, right? Tax rates do change as we've seen many times. So I don't know, depending on how old you are, you've seen them change maybe quite a bit over the past decades. I myself have only seen, I think just one. Although if I saw other tax code changes, I probably was not old enough to care. So we're going to see how changing tax rates and legislation can help us timing the income and expenses that we do have as a business. Also that does apply to individuals as well, but this lesson being more

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C corporations

Module: 3 Concepts, 30 Videos

Corporations: Consolidated Tax Returns Overview

1:22

Introduction to Consolidated Tax Returns

2:25

Entities Not Able to File a Consolidated Return

3:20

Requirements for Affiliated Groups