Well I certainly didn't come here to be insulted by a couple of jerks.  This is one of my first times posting here.  Most of my discussions are within CPA Connect, an invitation-only, highly respected organization made up of some of the best CPAs in the country.  I've been in practice for 32 years, and have been a member of that organization for over 20.  I have never had a Board complaint, been sued, or been assessed a preparer penalty.  I now see what this discussion group is like, and I will not be posting here again.  Shame on me for thinking I might find something useful about whether or not Proseries is going to offer the CTA forms.

If you think it's better to pay C Corp tax on undistributed profit, just to have it paid out later as wages at 35% plus FICA...double-tax... okay, sure, go ahead and go that route.  I say you're wrong.  

At least with the S Corp election he had an opportunity to reduce the FICA tax, which he will ultimately have to pay on everything that comes out of the C Corp, unless he pays it out as a nondeductible dividend.

And, my point was that unless this took place a VERY long time ago, the 100% of the equipment cost could have been deducted as bonus depreciation or Sec 179, and there would have been no tax at all.  Again, if he didn't do that on the 1120S, it could have been amended.  

Did I dumb it down enough for you?