Discussion:
Your new client, Barbara, has just formed a new corporation that provides consulting services to couples contemplating marriage. She has learned from her accountant that there will be items in her business that cause her financial accounting income to be different than her taxable income. Barbara wants to know what these income and expense items are and how she will compute her corporation's taxable income. She also needs guidance on when her corporation will need to file taxes and make estimated payments, if needed.