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Resources for Accountants

Qualifying for S Corporation Status [Video]

Qualifying for S Corporation Status

A corporation can elect to be treated as an S corporation by filing Form 2553 with the IRS. But not all corporations meet the requirements to make an S corp election.

To be treated as an S corporation, the corporation must:
(1) be a domestic corporation
(2) not be an ineligible corporation
(3) have only one class of stock
(4) have no more than 100 shareholders
(5) not have any shareholders that are C corporations, partnerships, or certain other entity types
(6) not have any shareholders who are nonresident aliens

0:00 Introduction
0:38 Domestic corporation
1:08 Not an ineligible corporation
1:38 One class of stock
2:48 Max 100 shareholders
4:17 Certain entities can’t be shareholders
5:47 Nonresident aliens can’t be shareholders

Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education freely available to the world.

SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS, PLUS:
• A 23-PAGE GUIDE TO MANAGERIAL ACCOUNTING
• A 44-PAGE GUIDE TO U.S. TAXATION
• A 75-PAGE GUIDE TO FINANCIAL STATEMENT ANALYSIS
• MANY MORE FREE PDF GUIDES AND SPREADSHEETS
* http://eepurl.com/dIaa5z

SUPPORT EDSPIRA ON PATREON
*https://www.patreon.com/prof_mclaughlin

GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT
* https://edspira.thinkific.com

LISTEN TO THE SCHEME PODCAST
* Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725
* Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc
* Website: https://www.edspira.com/podcast-2/

GET TAX TIPS ON TIKTOK
* https://www.tiktok.com/@prof_mclaughlin

ACCESS INDEX OF VIDEOS
* https://www.edspira.com/index

CONNECT WITH EDSPIRA
* Facebook: https://www.facebook.com/Edspira
* Instagram: https://www.instagram.com/edspiradotcom
* LinkedIn: https://www.linkedin.com/company/edspira

CONNECT WITH MICHAEL
* Twitter: https://www.twitter.com/Prof_McLaughlin
* LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin

ABOUT EDSPIRA AND ITS CREATOR
* https://www.edspira.com/about/
* https://michaelmclaughlin.com

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Categories
Resources for Accountants

FREE Excel Course (Step by Step) [Video]

In this Free Excel course, an industry expert provides a practical understanding of the fundamental aspects related to Excel. First, the video discusses basic Excel functions. Then, it moves on to explain cell referencing and named ranges, name manager, and array formula. Lastly, the course covers how to work with charts in Excel. The detailed coverage of the basic concepts makes it an ideal course for beginners who wish to develop knowledge of Excel. Timestamps: 0:00:01-0:00:49 Introduction 0:00:49-0:12:13 Basic Excel Functions 0:12:13-0:27:29 Cell Referencing and Named Ranges 0:27:09-0:36:05 Name Manager 0:36:05-0:51:36 Array Formula 0:51:36-1:15:21 Working with Charts Get all important Excel functions here: https://www.wallstreetmojo.com/excel-functions/?utm_source=YouTube&utm_medium=Social&utm_campaign=Description

Categories
Resources for Accountants

IFRS 16 Lessor Accounting Example 2 | Finance Lease [Video]

When a lessor accounts for a finance lease under IFRS 16, the lessor must derecognize the asset from its statement of financial position and record a lease receivable upon commencement of the lease. If the lessor is a manufacturer or dealer, then the lessor must also record sales revenue and cost of goods sold upon commencement of the lease. Both the sales revenue and cost of goods sold must be reduced by the present value of the unguaranteed residual value.The lessor will then recognize interest revenue throughout the lease term. At the end of the lease, the lessor will restore the asset to its statement of financial position. If the actual residual value turns out to be less than the unguaranteed residual value, the lessor records a loss for the difference.— Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education accessible to all people.— SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS* http://eepurl.com/dIaa5z— LISTEN TO THE SCHEME PODCAST* Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725* Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc* Website: https://www.edspira.com/podcast-2/ — CONNECT WITH EDSPIRA* Website: https://www.edspira.com* Blog: https://www.edspira.com/blog/ * Facebook page: https://www.facebook.com/Edspira* Facebook group: https://www.facebook.com/groups/561316587899818//* Reddit: https://www.reddit.com/r/edspira* LinkedIn: https://www.linkedin.com/company/edspira— CONNECT WITH MICHAEL* Website: http://www.MichaelMcLaughlin.com* LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin * Twitter: https://www.twitter.com/Prof_McLaughlin* Facebook: https://www.facebook.com/prof.michael.mclaughlin* Snapchat: https://www.snapchat.com/add/prof_mclaughlin*Twitch: https://twitch.tv/prof_mclaughlin * Instagram: https://www.instagram.com/prof_mclaughlin*TikTok: https://www.tiktok.com/@prof_mclaughlin

Categories
Resources for Accountants

IFRS 16 Lessor Accounting Example 1 | Finance Lease [Video]

When a lessor accounts for a finance lease under IFRS 16, the lessor must derecognize the asset from its statement of financial position and record a lease receivable upon commencement of the lease. If the lessor is a manufacturer or dealer, then the lessor must also record sales revenue and cost of goods sold upon commencement of the lease. The lessor will then recognize interest revenue throughout the lease term. At the end of the lease, the lessor will restore the asset to its statement of financial position. If the actual residual value turns out to be less than the guaranteed residual value, the lessor will receive cash from the lessee to cover the shortfall. — Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education accessible to all people.— SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS* http://eepurl.com/dIaa5z— LISTEN TO THE SCHEME PODCAST* Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725* Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc* Website: https://www.edspira.com/podcast-2/ — CONNECT WITH EDSPIRA* Website: https://www.edspira.com* Blog: https://www.edspira.com/blog/ * Facebook page: https://www.facebook.com/Edspira* Facebook group: https://www.facebook.com/groups/561316587899818//* Reddit: https://www.reddit.com/r/edspira* LinkedIn: https://www.linkedin.com/company/edspira— CONNECT WITH MICHAEL* Website: http://www.MichaelMcLaughlin.com* LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin * Twitter: https://www.twitter.com/Prof_McLaughlin* Facebook: https://www.facebook.com/prof.michael.mclaughlin* Snapchat: https://www.snapchat.com/add/prof_mclaughlin*Twitch: https://twitch.tv/prof_mclaughlin * Instagram: https://www.instagram.com/prof_mclaughlin*TikTok: https://www.tiktok.com/@prof_mclaughlin