1 Trade or Business Expenses US Tax Code Essentials · 4:14 Dive into the fundamentals of Section 162 of the US Tax Code, where you'll learn which business expenses qualify as deductible by understanding the critical distinction between "ordinary" and "necessary" costs in your trade.
2 Depreciation and Cost Recovery US Tax Code Essentials · 5:04 Dive into the world of asset depreciation and cost recovery, where the MACRS system breaks down how businesses spread deductions over time across property classes ranging from three to twenty years and beyond. Learn how depreciation conventions determine when you can start claiming deductions and how to keep your tax filings on the right track.
3 Losses and Limitations US Tax Code Essentials · 7:59 Diving into the IRS rules that govern how and when investment losses can reduce your taxable income, this chapter breaks down at-risk limitations under Section 465, teaching you exactly which losses qualify as deductible based on your true financial exposure.
4 Accounting Methods and Periods US Tax Code Essentials · 4:44 Dive into the two primary accounting methods recognized by the IRS — cash and accrual — and discover which one applies to your business based on your gross receipts threshold.
1 Formation of a Corporation US Tax Code Essentials · 4:35 Dive into the foundational rules of corporate formation, exploring how Section 351 allows you to transfer property to a new corporation without triggering immediate tax consequences. Learn the key requirements that protect you from unexpected tax liability when getting your company off the ground.
2 Corporate Income Tax Computation US Tax Code Essentials · 3:23 Covering the fundamentals of corporate income tax computation, this chapter breaks down how businesses calculate taxable income by subtracting deductions from gross income and applying the flat 21% tax rate established by the Tax Cuts and Jobs Act.
3 Distributions and Dividends US Tax Code Essentials · 3:14 Dive into the world of corporate distributions and how earnings and profits (E&P) determine whether shareholders receive taxable dividends or tax-free returns of capital.
4 Redemptions and Partial Liquidations US Tax Code Essentials · 3:31 Dive into the four key safe harbors that determine when shareholder distributions qualify as redemptions rather than dividends, covering everything from substantially disproportionate payouts to complete terminations and partial liquidations.
5 Complete Liquidations US Tax Code Essentials · 3:29 Dive into the tax mechanics of corporate liquidations, where Section 331 governs how shareholders treat distributions as sales, calculating capital gains based on their adjusted basis in the stock.
6 Corporate Reorganizations US Tax Code Essentials · 4:49 Exploring the six types of corporate reorganizations outlined in the US Tax Code, this chapter breaks down each pathway—from Type A mergers to the full alphabet of restructuring options—giving listeners a clear framework for understanding how businesses legally transform their structure while navigating tax implications.
7 Penalty Taxes US Tax Code Essentials · 2:59 Dive into the world of penalty taxes as you explore what happens when businesses hold onto profits to avoid taxation, and learn how Section 531 and key credits like the $250,000 threshold can keep your company on the right side of the IRS.
1 Partnerships (Subchapter K) US Tax Code Essentials · 3:06 Dive into the foundational rules of partnership taxation under Subchapter K, where you'll learn how partners can contribute cash and property tax-free under Section 721, navigate key exceptions involving services and debt relief, and understand how income and losses flow through to partners via Section 704 allocations.
2 S Corporations (Subchapter S) US Tax Code Essentials · 5:34 Dive into the world of S Corporations and discover how small business owners can elect a special tax status that allows profits to pass directly to shareholders, avoiding double taxation while navigating key eligibility rules like shareholder limits and stock requirements.