Date: Nov. 14 – 17, 2023
Class: 9 AM - 12 PM PST
Break: 12 PM - 12:30 PM PST
Class: 1 PM - 4 PM PST
We will cover the following topics.
LLC, Sole Proprietorship, Partnerships, Qualified Joint Ventures
What is in a partnership and how it is started? Day 2 will cover the capital account, why a General Partnership agreement is important, UPE and Section 199A. There will also be a line by line review with real examples of Form 1065, Form K-1, and the General Partnership Agreement. This day will also cover the advantages, disadvantages, and which clients will benefit in becoming an LLC.
How do you form a corporation? This day will cover forming a corporation, business entities, advantages, disadvantages, ownership, structure and taxation. There will be a line by line review of Form 1120 with an example of filling it out directly on tax software. An explanation of dissolving or canceling a corporation, and fees or penalties will be covered during day 3.
What's the difference between Schedule C and S-Corporation? On this day you will learn advantages and disadvantages of becoming an S-Corporation, corporate structure, need for reasonable compensation, allocation of income, and tax savings. There will be examples of converting clients and a line by line review Form 1120S and Form K-1. You will have a class exercise on Shareholder basis and filling out form 2553. This will help you understand Shareholder’s stock basis and what causes it to adjust. We will cover an overview of form 2553, how to correctly filling out the S-Election form, and file late S-election.
This course is best viewed on a desktop or laptop computer, with a strong internet connection, and by using Google Chrome or Mozilla Firefox browsers.
CE Credits: 21 Federal Tax Law