Introduction to S Corporations & LLCs – Part 1 – 2017 Law – Self-Study (No Videos)
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 1065, US Return of Partnership Income.
- Part 2 focuses on the preparation of Form 1120S, US Income Tax Return for an S Corporation.
- 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
At 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
Self-Study (No Videos)
2017 Tax Law
Ends: Saturday, July 31, 2021 11:59 PM (PST)
Started: Thursday, December 20, 2018 11:59 PM (PST)
Ended: Sunday, July 31, 2022 11:59 PM (PST)
|IRS (Federal Tax Law)||6 Hours|
|Oregon Tax Board||6 Hours|
Field of Study
Basic tax knowledge
Self-study (No Videos)
IRS Federal Program Number
Meet Your Instructor
April Gutierrez, Enrolled Agent:
Known for her entertaining speaking style and ability to make a complex subject easy to understand, April is frequently invited to speak to business groups and news media on tax-related topics. She has a B.A. in Communication Studies from Murdoch University in Perth, Australia. She obtained her Oregon LTC in 1995.
April resides in Portland, Oregon, with her husband Jess and their two sons. Her pastimes include gardening, travel, and playtime with her Arabian horse, Fancy.
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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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