Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
This course will introduce the different types of business entities and the tax implications of contributions, distributions and earnings, among other topics.
Publication Date: February 2024
Designed For
Corporate tax and finance executives, directors, managers and staff, CPAs, CAs Enrolled Agents, accountants, attorneys and business/financial advisors who work with and advise businesses that have tax implications.
Topics Covered
- Types of business entities (Sole proprietorship, Partnership, Corporation, Limited Liability Company and Limited Liability Partnership)
- Considerations in choosing a business entity, including taxes, limited liability protection, management & control, funding options & opportunities, tax consequences for the owners and the business
- Future tax considerations that will impact various business entities
Learning Objectives
- Explain how to differentiate between the different types of business entities
- Determine if a business client is using the most tax efficient entity structure based on its business goals
- Identify the form that should be used to calculate the QBID
- Identify the case that found that it was irrelevant that the wife did not have control over the business as she had ownership rights pursuant to the community property laws
- Identify the schedule that is used to calculate self-employment tax
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Allison McLeod
Professor McLeod, LL.M., JD, CPA, is currently a full-time Senior Lecturer at the University of North Texas, where she has taught classes in Corporate Income Taxes, Multi-jurisdictional Taxes, Individual Taxes, Tax Research, Ethics and Financial Accounting. She has taught as an adjunct professor at the University of North Texas College of Law.
Prior to Professor McLeod going into academia, she worked for 18 years in industry and in a Big Four accounting firm. Professor McLeod earned a law degree from Baylor School of Law, and an LL.M. degree in Taxation from Southern Methodist School of Law. She has been a licensed CPA since 1993 and has been licensed to practice law since 1992. Professor McLeod has enjoyed teaching live ethics course to CPAs since 2011 and is the owner of
www.cpaethicsonline.com, which offers on-line self-study courses to CPAs. She currently serves on the Professional Ethics Committee of the Texas Society of CPAs.which offers on-line self-study courses to CPAs. She served on the Professional Ethics Committee of the Texas Society of CPAs and the AICPA CPA Exam Committee (REG).