Choice of Entity and Tax Issues (S-Corp, C-Corp, Partnership or Sole Proprietor)

Business creation and the evolution of hobby to business drastically influence preparation of a clients’ tax return. Many times clients will either have questions related to entity formation for their tax preparer or they will form entities without understanding the advantages and limitations related to entity formation. This two-hour webinar covers the differences between S-Corporations, C-Corporations, Partnerships and Sole Proprietors in relation to tax law. Attendees will learn the tax advantages and disadvantages of each entity so that they may advise clients appropriately. Through case studies attendees will learn to identify the tax outcomes based on entity type allowing them to better advise their clients.

Webinar Objectives

In this comprehensive two-hour webinar, we will explore the distinctions among S-Corporations, C-Corporations, Partnerships, and Sole Proprietors within the framework of tax law. Participants will gain a deep understanding of the tax benefits and drawbacks associated with each entity, enabling them to provide informed guidance to their clients. Utilizing practical case studies, attendees will develop the ability to discern tax implications based on entity type, enhancing their advisory capabilities.

Key topics covered will include basis calculations, ordering rules, as well as compensation and tax obligations specific to each corporate type. Join us to elevate your tax expertise and better serve your clients through enhanced entity-specific tax insights.

Webinar Agenda

• Impact on Tax Cuts and Jobs Act on Business Entities
• Gathering information from client and being part of a team to support them
• Engagement Management
• Sole Proprietor (advantages, disadvantages, hiring children, spouses, warnings)
• Partnerships (advantages, disadvantages, basis, ordering rules, debts, BBA Audit Rules)
• S-Corporations (advantages, disadvantages, debt, start-up, reasonable compensation, basis, debt, shareholder loans, basis tracking)
• C-Corporations (advantages, disadvantages)
• Case Study
• Qualified Business Income
• Management Companies
• DayCares
• Investment Advisors and Entity Selection (review of tax court cases)
• Takeaways
•  Final Case Studies

Webinar Highlights

• Articulate the differences between S-Corporations, C-Corporations, Partnerships and Sole Proprietors.
• Highlight the tax advantages of each entity type.
• Highlight the limitations of each entity type.
• Better advise clients regarding entity formation based on possible tax outcomes, advantage and limitations.
• Successfully complete a complex case study.

Who Should Attend

Accountants, CPAs, Tax Preparers, Bookkeepers, Enrolled Agents, Office Managers, Small Business Owners, Entrepreneurs