Choice of Entity Mini (ebook)

  • Credits: 3
  • Format: Self-Study eBook
  • Field of Study: Federal Tax Law
  • Author/Speaker: Danny Santucci, CPA
Course ID: Advanced Preparation: Experience Level:
EWTFM-T-01740-21-S | 6233-CE-0465 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© February 2021 Basic Understanding of Taxes Self-Study eBook
COURSE DESCRIPTION

This mini-course describes and compares sole proprietorships, partnerships, limited liability companies, “C” corporations, and “S” corporations. It examines their advantages and disadvantages, permitting the participant to properly select the right business entity for their tax and liability needs.

Topics include:
  • Advantages and disadvantages of sole proprietorships
  • Taxes for self-employed individuals
  • Definition of partnership
  • Partnership tax return & year taxable
  • Contributed property, assets & services
  • Sales & exchanges of partnership interests
  • Limited liability companies
  • C corporations & PSC corporations
  • Inventories
  • S corporations

 

Learning Objectives:

After reading the course material, you will be able to:

  • Cite the central differences among business entities and the advantages and disadvantages associated with basic business entity types.
  • Recognize the tax attributes of sole proprietorships, partnerships, LLCs, S corporations, and C corporations and how each entity can be used to enhance tax and financial purposes and objectives.
  • Specify the unique (e.g., self-employment) and general taxes applicable to particular entities and the tax forms that may be required.
  • Identify the basic deductions that are permissible for each entity type and the conditions under which they are allowed.
  • Determine the tax years, accounting methods, and valuation methods that each entity type may use, and how the entities can be terminated.
  • Specify for different entity types the basis and the tax effect of sales, exchanges, transfers, contributions, and distributions.

 

Who Should Attend:
  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Tax Return Preparers (TRPs)

 

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s:
NASBA
IRS
CTEC