- NY Credits : 3.0
- TX Credits : 3.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 3.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 3.0
This course is designed to help the small business owner and accounting professional understand the potential benefits of making an S Corporation election, as well as the mechanics behind the election. The course starts with a general overview of advantages and disadvantages of various business entities including the sole proprietorship, partnerships, and corporations. It goes on to the history and overview of S corporations, including organizational requirements, benefits, and drawbacks to this entity. Finally, the author provides a comparison of two similar entities, the S Corp and the LLC, in a way designed to help the practitioner or small business owner choose the best entity for the situation. This course is most beneficial to professionals new to S-Corporation elections who may be at the staff or entry level in organization but also for a seasoned professional with limited exposure to S-Corporation elections.
Upon successful completion of this course, the user should be able to:
identify attributes of various business entities,
recognize organizational requirements of S corps, and
identify advantages, disadvantages, and similarities between S corps and LLCs.