ACC565004V

Overview

Suppose you are a tax consultant at one of the “Big Four” accounting firms. In April of 2022, a local business professional named John Client emailed your firm about his interest in forming a new corporation. John cannot decide whether to form as an S or C corporation. S corporations are incorporated under state law and therefore have the same legal protections as C corporations. They are governed by the same corporate tax rules that apply in the organization, liquidation, and reorganization of C corporations. However, unlike a C corporation, an S corporation is a flow-through entity and shares many tax similarities with partnerships. You are assigned to respond to John’s inquiry. You’re planning to have a web-based meeting with John to review some of the items that create concerns for him.

Instructions

To complete this assignment, you will create a 6-7 slide PowerPoint deck. Create your deck as though you plan to use it during a remote video call to address John’s concerns, as follows:

1. Establish the required qualifications to become an S versus a C corporation.
2. Determine one tax-related advantage and one tax-related disadvantage of C and S corporations.
   • To fulfill this requirement, you must have a total of four examples: an advantage and disadvantage for both entity types
3. Determine the limitations on the number and type of shareholders that an S versus a C corporation may have.
4. Assess the circumstances in which an S election versus C may be involuntarily terminated.
5. Outline which tax forms are submitted by both S and C corporations.
6. Develop three recommendations related to corporate formation to provide the best tax options for the company.
7. Use at least three resources to support your research or recommendations. Choose credible, relevant, and appropriate sources, such as your course text, texts from previous taxation courses, or current IRS publications. If you require help with research, writing, and citation, access the library or review library guides.

This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Please refer to the Library site for all support. Check with your professor for any additional instructions.

The specific course learning outcomes associated with this assignment are:

• Evaluate characteristics of corporate entities for tax planning purposes.
• Develop research-based organizational tax planning strategies for corporations and partnerships.

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