Taxation of Business Entities

Author: Allison McLeod

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