Introduction to S Corporations & LLC's - Part 1

Part 1- Lecture 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 series 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.

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

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Pacific Northwest Tax School is approved by the following organizations as a provider of continuing education:

The IRS
NASBA QAS (NASBA Sponsor #109290),
Oregon Tax Board,
The Texas State Board of Public Accountancy (Texas Sponsor #009794)
The New York State Board for Public Accountancy (Sponsor License #002479)

You can receive 5 hours of CE for $80 by enrolling in this course at http://pnwtaxschool.com/oc-catalog/al...

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