Surgent's Going Out on Your Own: Entity Types and Accounting Methods

Friday, December 20, 2024
Webcast or Webinar, Online
3:00 PM - 5:00 PM (opens at 2:30 PM) EST
2Credits
Technical Business

Registration is Open

Members
$99.00 Regular Price
Non-Members
$129.00 Regular Price

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$40.00 Members / $56.00 Non-Members
Course Type: Webcast
Course Code: 24/SUTAM241
Level: Overview
Vendor: Surgent
Field of Study: Taxes

Overview:

Starting a business is tough! There are lots of decisions to be made and things to think about. You may feel like you have a great idea. You have done your marketing research, developed a prototype, and even looked at locations for your new office. Then it dawns on you.. What type of entity do I need to be? Is there really an advantage to choosing one entity type over the other? In this class, we will dig into the differences between entity types - from taxes to liability. We will also look at the advantages and disadvantages of different methods of accounting. Whether you are a small business owner looking to start something new or a practitioner looking to expand your client advisory services, this course is the one for you!

Objectives:

  • Identify differences in how business entity types are taxed for income tax purposes
  • Recognize how personal financial planning for a business owner is related to financial planning for a flow-through entity business
  • Identify how S-Corporations are taxed for self-employment tax purposes
  • Recognize double-taxation and when it applies
  • Identify when a transaction should be recorded on the accounting records under the cash method
  • Recognize when income is recognized and an expense must be accrued on the accounting records under the accrual method
  • Identify what account should not appear on the financial records if the accrual method is being used

Major Topics:

  • Financial planning pyramid
  • What to consider when picking an entity
  • Single member LLC vs. sole proprietorship
  • Corporations – S vs. C
  • Double taxation

Major Topics:

  • Financial planning pyramid
  • What to consider when picking an entity
  • Single member LLC vs. sole proprietorship
  • Corporations – S vs. C
  • Double taxation

Designed For:

Small business owners, CPAs, and financial advisors who want to understand the advantages and disadvantages of different entity types and accounting methods

Prerequisites:

None