Introduction to S Corporations and LLCs – Part 1 – 2017 Law – Course Manual Only

Course Content

S corporations and Limited Liability Companies (LLC) are common entity choices for small business owners. S corporation shareholders and LLC members often benefit from certain tax advantages that are available to them. At the same time failure to correctly adhere to tax laws affecting these entity types can result in erroneous tax return filings that can result in significant IRS penalties.

Introduction to S Corporations and LLCs is a two-part course which provides tax professionals with an in-depth look at the rules for preparing Forms 1120S and 1065.

  • Part 1 focuses on entity classification choices and provides instructions for the completion of Form 1065US Return of Partnership Income.
  • Part 2 focuses on the preparation of Form 1120S, US Income Tax Return for an S Corporation

Topics Covered

  • Overview of the different entity types a business may operate as including: sole proprietorship, qualified joint venture, partnership, corporation and S corporation
  • Advantages and disadvantages if the different entity types businesses operate under
  • How different business entity types are taxed
  • How an unincorporated entity can elect to be taxed as a corporation
  • Instructions for completion of Form 8832 Entity Classification Election
  • Instructions for late filing relief for Form 8832 Entity Classification Election
  • Rules relating to the reporting of income and expenses by a partnership
  • Instructions for preparation of Form 1065 U.S. Return of Partnership Income
  • Preparation of Form 1065 Schedules K and K-1
  • Analysis of net income of a partnership
  • Preparation of Schedule L, partnership Balance Sheet per Books
  • Schedule M-1, Reconcilliation of Income (Loss) per Books with Income (Loss) per Return
  • Schedule M-2, Analysis of Partner’s Capital Accounts
  • Form 1125-A, Cost of Good Sold
  • Determining partner’s adjusted basis in a partnership
  • Reporting portfolio income of a partnership or S corporation
  • Reporting rental income of a partnership or S corporation
  • Grouping of activities
  • How an unicorporated entity can elect to be taxed as a corporation

Objectives

By the conclusion of this course you should be able to:

  • Identify the types of business structures and how they differ from one another
  • Identify how different business structures are taxed
  • Explain when Form 8832, Entity Classification Election is used
  • Prepare Form 1065, Reporting Income and Expenses of a Partnership
  • Prepare Form 8825, Real Estate Income & Expenses of a Partnership or S corporation
The course manual is delivered as a PDF document which you can download and print.

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Section 8.1

Course Manual Only

Course Type:

CPE Tax

Term:

2017 Tax Law

Registration Status:

Registration Open Ends: Tuesday, November 5th, 2019 11:59 PM (PDT)

Course Status

Available Started: Monday, November 5th, 2018 11:59 PM (PDT) Ends: Thursday, November 5th, 2020 11:59 PM (PDT)

Course Length:

0 Hours

Course Fees:

Course Materials $14.99
Total $14.99

Course Credits:   0

No CE is awarded with the purchase of this manual. You must enroll in and complete the full version of this course to received CE.

Field of Study Taxes

Program Level

Intermediate

Prerequisite

Basic tax knowledge

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Basic Tax Law

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Students intending to write the Oregon State Tax Exam, must be at least 18 years of age, and have High School Diploma or GED. Students using our self-paced internet based program should prepare for classes by downloading and printing course materials. For more information including detailed course descriptions and learning objectives, view the details of each course, located on Pacific Northwest Tax School's catalog pages at: https://www.pnwtaxschool.com/list-of-all-courses/

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Manuals distributed and programs sponsored by Pacific Northwest Tax School are designed to teach application of tax laws. Pacific Northwest Tax School works to provide accurate and timely material to students, however the school does not have any responsibility if human and/or mechanical error exists.  Accordingly, no assurance is given by Pacific Northwest Tax School that such information is totally comprehensive or accurate in its coverage of such subject matter. Information published or sponsored by Pacific Northwest Tax School should not be relied upon as a substitute for independent research to original sources of authority such as the Internal Revenue Code, IRS Publications and Internal Revenue Rulings. Pacific Northwest Tax School, its authors, and instructors do not render legal, accounting, or other non-educational professional advice. If legal advice or other expert assistance is required, the services of a competent professional should be sought.  Credit hours are subject to change without notice.

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