Choice of and Formation of Entity - Tax Staff Essentials

Overview

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Know the choices

Understand key issues surrounding the factors that drive the optimal form of organization for a business.

Understand why the choice of entity is relevant throughout the life of a business - from a new business choosing the correct form of entity to accomplish the company's goals to knowing when an entity change is needed.

Tax consequences

Understand the tax consequences of the sale or liquidation of the various forms of doing business.

Learn about the ever-increasing tax advantages and disadvantages of general and limited partnerships, C and S corporations, LLCs, LLPs, and individual proprietorships - all updated for tax reform.

Using case studies from real-life client situations, gain an understanding of the issues.

Highlights

Key Topics

• Types of entities
• Formation and elections
• Start-up and organization costs
• Advantages and disadvantages comparison

Prerequisites

Experience in business taxation

Designed For

Who Will Benefit

• CPA firm seniors (and above) and other tax professionals looking for the best techniques to select various entity forms to solve their clients' tax and business problems.

Objectives

Learning Outcomes

• Understand the types of business entities and the tax advantages and disadvantages of each.
• Identify circumstances that warrant converting from an S to C corporation and gain a basic understanding of how to make the conversion.
• Interpret tax issues related to the formation of a corporation.
• Evaluate other considerations regarding different entities and the impact on the business owner.