Choice of Entity and Tax Issue Entity Formations: Part 1 (Half-Day Webinar) (Completed)

Date: Friday, July 1, 2022
Instructor: Jennifer Kowal
Begin Time:  8:00am Pacific Time
9:00am Mountain Time
10:00am Central Time
11:00am Eastern Time
CPE Credit:  4 hours for CPAs
4 hours Federal Tax Related for EAs and OTRPs
4 hours Federal Tax Law for CTEC

This course will discuss business advantages and disadvantages of C-corporations, S-corporations, LLC's, partnerships and sole proprietorships. It will also cover the tax advantages and disadvantages of each entity type. Finally, the course will cover the tax treatment and potential pitfalls involved in forming each type of entity.

Who Should Attend
Tax practitioners at all levels who advise on the tax issues involved in forming business entities.

Topics Covered

  • Business advantages and disadvantages to various business entity structures
  • Tax advantages and disadvantages of various business entity structures
  • Tax treatment of formation transactions for C corporations, S corporations, LLCs and partnerships
  • Potential current and future pitfalls of forming each entity type
  • Impacts of Tax Cuts and Jobs Act of 2017

Learning Objectives

  • Describe the business advantages and disadvantages of using C corporations, S corporations, LLCs, partnerships and sole proprietorships
  • Identify the tax advantages and disadvantages of each entity type
  • Describe tax consequences to forming various types of entities
  • Differentiate business structures and describe how they are applied
  • Recognize stock options in a Corporation
  • Identify correct statements with respect to profits interest
  • Recognize whether an entity is separate from its owners in regards to the evaluation
  • Identify proper examples of an ineligible entity with respect to its tax classification
  • Describe default classification
  • Recognize what happens when a corporation changes to a partnership
  • Describe how changes in entity classification considerations changed due to the passage of TCJA
  • Identify the price at which a stock option holder may purchase a share of stock by using the option
  • Recognize what is a factor in the LLC four factor test prior to 1997
  • Identify which IRS forms are used in various scenarios


Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites

Advance Preparation

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