|Author :||Danny C Santucci, JD|
|CPE Credits :||3.5|
|IRS Credits :||3|
|Passing Score :||70%|
|Primary Subject-Field Of Study:||
Taxes - Taxes for Course Id 241
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.
|Usage Rank :||0|
|Prerequisites :||General understanding of federal income taxation.|
|Experience Level :||Overview|
|Additional Contents :||Complete, no additional material needed.|
|Additional Links :|
|Advance Preparation :||None.|
|Delivery Method :||Self-Study|
|Intended Participants :||Anyone needing Continuing Professional Education (CPE).|
|Revision Date :||11-Mar-2020|
|NASBA Course Declaration :||Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.|
|Approved Audience :||
NASBA QAS - NASBA Registry - IRS Enrolled Agents - 241
|Keywords :||Taxes, Choosing, Right, Business, Entity, Getting, Cash, Out, It, Mini, Course, cpe, cpa, online course|
|Learning Objectives :||
As a result of studying the assigned materials, you should be able to meet the objectives listed below.ASSIGNMENT
* 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
* S corporations
2. Recognize the tax attributes sole proprietorships, partnerships, LLCs, S corporations and C corporations and how each entity can be used to enhance tax and financial purposes and objectives.
3. Specify the unique (e.g., self-employment) and general taxes applicable to particular entities and the tax forms that may be required.
4. Identify the basic deductions that are permissible for each entity type and the conditions under which they are allowed.
5. Determine the tax years, accounting methods and valuation methods that each entity type may use, and how the entities can be terminated.
6. Specify for different entity types the basis and the tax effect of sales, exchanges, transfers, contributions, and distributions.
|Course Contents :||
Chapter 1 - Choosing the Right Business Entity and Getting Cash Out of It