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This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn: - The annual due date for Form 1120-S is the 15th day of the 3rd month after year-end (March 15 for calendar year filers). - S corps are pass-through entities, reporting income, deductions, and credits to shareholders on Schedule K-1. - Shareholders are taxed on their pro-rata share of income, regardless of whether they receive distributions. - Two critical exam traps involve corporate-level taxes: the Built-In Gains (BIG) tax for former C corps and the Excess Net Passive Income tax. - A helpful mnemonic: "S Corps and Partnerships March together on the 15th," distinguishing their deadline from the April 15th C corp and individual deadline.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
