Procedure for Creating an S Corporation [CPA Prep]

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🎓 Lesson Overview:
In this lesson, Nick Palazzolo, CPA, takes a deep dive into the step-by-step process required for establishing a valid S Corporation (S-corp) election. He meticulously walks viewers through the eligibility criteria, explaining the need for complete shareholder consent, and stresses the importance of understanding the specific IRS form and its timely filing requirements. By providing real-life examples, including a scenario with an absent shareholder, Nick emphasizes the necessity of unanimous shareholder approval and prepares viewers for similar situations they might encounter on the exam. Additionally, he explains the procedure for filing tax returns post-election and underscores the significance of each shareholder reporting their individual income using Schedule K-1. He encapsulates this with a visual guide on effective dates of S-corp status and brings clarity to a complex topic with examples designed to resonate with those eager to grasp the practicalities of S-corp elections.
🔍 Key Topics Covered:
- S Corporation Election
- S-corp Eligibility
- Shareholder Consent
- IRS Form Filing
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