Description:
This comprehensive book describes and compares sole proprietorships, partnerships, limited liability companies, "C" corporations and "S" corporations. It examines their advantages and disadvantages, permitting the reader to properly select the right business entity for their tax and liability needs. Major emphasis is given the maximization of tax benefits in each business format. Fringe benefits, retirement plan alternatives, and nonqualified deferred compensation are discussed in detail.

Delivery Method:

Level: Overview

Prerequisites: None

Advanced Preparation: None

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Author: Danny Santucci

Category: Taxation

Field of Study: Taxes

Passing Score: 70%

Publication Date: 05/14/2022

Technical Details: Taxation is a technical field of study for all states.

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Objectives:
Chapter 1:     Sole Proprietorship
1. Determine the advantages and disadvantages associated with sole proprietorships, and specify the formation requirements.
2. Identify not-for-profit activities particularly as they relate to Schedule C businesses and recall the various requirements permitting such businesses to request an automatic filing extension.
3. Recognize the taxes imposed on self-employed persons specifying compliance with payment requirements, determine how sole proprietorship assets are characterized on disposition, and identify income splitting and estate planning devices available for such business owners and their impact on entity choice.

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NASBA: Yes

QAS: Yes

CPA: Suitable for all CPAs

IRS: Enrolled Agents Program Number 263UK-T-00260-21-S

Profession Identifiers : CPA, EA