Surgent's Going Out on Your Own: Entity Types and Accounting Methods
Wednesday, August 28, 2024
Webcast or Webinar, Online
2:00 PM - 4:00 PM (opens at 1:30 PM) EST
2Credits
Technical Business
Registration is Open
Members
$99.00 Regular Price
Non-Members
$129.00 Regular Price
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Course Type: Webcast
Course Code: 24/SUTAM237
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