Courses

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

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Member Price: $89.00 Non-Member Price: $119.00

Developer:: SURGENT MCCOY SELF-STUDY CPE, LLC
CPE Credits:: Taxes: 2.00
Fields of Study:: Taxes
Level:: 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!

Objective

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

Highlights

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

Prerequisite

None

Advanced Preparation

None