Introduction to S Corporations & LLCs – Part 1 – 2017 Law – QAS Self-Study
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
2017 Tax Law
Ends: Monday, August 31, 2020 11:59 PM (PST)
Started: Thursday, December 20, 2018 11:59 PM (PST)
Ends: Tuesday, August 31, 2021 11:59 PM (PST)
|NASBA CPE||8 Hours|
|IRS (Federal Tax Law)||8 Hours|
|Oregon Tax Board||8 Hours|
|Oregon State Board of Accountancy||8 Hours|
|Texas State Board of Public Accountancy||8 Hours|
|New York State Board of Public Accountancy||8 Hours|
|QAS Self-Study||8 Hours|
Field of Study
Basic tax knowledge
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.
Very ThoroughVery thorough. Helped me understand the concepts and information and review of answers afterwards helped me find where I erred in my answers.
Highly recommendedThe instructor is knowledgeable and experienced. I learned new stuff that I did not know about before taking the course.
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Terms of Enrollment
Pacific Northwest Tax School’s course materials and teaching techniques are valuable proprietary information of Pacific Northwest Tax School, and all such information is subject to copyright, including written, recorded, internet based as well as all other electronic media. Each Student agrees that she/he will use the information only for purposes of education and training; and as a condition of enrollment, that they will not disseminate the information to any third party and will treat the materials as confidential information of Pacific Northwest Tax School. As a condition of enrollment, Students pledge not use any information in any competitive fashion, including to create or derive competitive materials. Students further agree that any breach of these terms and conditions shall cause the school irreparable harm, entitling Pacific Northwest Tax School to injunctive relief, as well as any other remedy that may be available at law or equity. Students taking continuing education courses shall have twelve months from date of enrollment to successfully complete the course and receive their Certificate of Completion. Students taking the federal only portion or the Oregon 80 Hour Basic Tax Course students have nine months from the date of enrollment to sucessfully complete the course.
Basic Tax Law
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Prerequisites & Advance Preparation
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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