Introduction to S Corporations & LLC's - Part 1
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- Опубліковано 9 жов 2015
- Part 1- Lecture Content
S corporations and Limited Liability Companies (LLC) are common entity choices for small business owners. S corporation shareholders and LLC members often benefit from certain tax advantages that are available to them. At the same time failure to correctly adhere to tax laws affecting these entity types can result in erroneous tax return filings that can result in significant IRS penalties.
Introduction to S Corporations and LLCs is a two-part series which provides tax professionals with an in-depth look at the rules for preparing Forms 1120S and 1065.
* Part 1 focuses on entity classification choices and provides instructions for the completion of Form 1065, US Return of Partnership Income.
* Part 2 focuses on the preparation of Form 1120S, US Income Tax Return for an S Corporation.
Topics Covered
* Overview of the different entity types a business may operate as including: sole proprietorship, qualified joint venture, partnership, corporation and S corporation
* Advantages and disadvantages if the different entity types * businesses operate under
* How different business entity types are taxed
* How an unincorporated entity can elect to be taxed as a corporation
* Instructions for completion of Form 8832 Entity Classification Election
* Instructions for late filing relief for Form 8832 Entity Classification Election
* Rules relating to the reporting of income and expenses by a partnership
* Instructions for preparation of Form 1065 U.S. Return of Partnership Income
* Preparation of Form 1065 Schedules K and K-1
* Analysis of net income of a partnership
* Preparation of Schedule L, partnership Balance Sheet per Books
* Schedule M-1, Reconcilliation of Income (Loss) per Books with Income (Loss) per Return
* Schedule M-2, Analysis of Partner's Capital Accounts
* Form 1125-A, Cost of Good Sold
* Determining partner's adjusted basis in a partnership
* Reporting portfolio income of a partnership or S corporation
* Reporting rental income of a partnership or S corporation
* Grouping of activities
You can purchase the manual for this course for $5.99 at pnwtaxschool.com/oc-catalog/se...
Pacific Northwest Tax School is approved by the following organizations as a provider of continuing education:
* The IRS
* NASBA QAS (NASBA Sponsor #109290),
* Oregon Tax Board,
* The Texas State Board of Public Accountancy (Texas Sponsor #009794)
* The New York State Board for Public Accountancy (Sponsor License #002479)
You can receive 5 hours of CE for $80 by enrolling in this course at pnwtaxschool.com/oc-catalog/al...
Terms of Use or Enrollment
Pacific Northwest Tax School's course materials and teaching techniques are valuable proprietary information of Pacific Northwest Tax School, and all such information is subject to copyright, including written, recorded, internet based as well as all other electronic media. Each Student agrees that she/he will use the information only for purposes of education and training; and as a condition of enrollment, that they will not disseminate the information to any third party and will treat the materials as confidential information of Pacific Northwest Tax School. As a condition of enrollment, Students pledge not use any information in any competitive fashion, including to create or derive competitive materials. Students further agree that any breach of these terms and conditions shall cause the school irreparable harm, entitling Pacific Northwest Tax School to injunctive relief, as well as any other remedy that may be available at law or equity. Students shall have twelve months from date of enrollment in any continuing education course, to successfully complete the course and receive their Certificate of Completion.
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Thank you for this thoroughly laid-out video.
thank you for uploading
Hello and thanks for sharing your business tax information. Best regards from Como Italy. Ciao
Great VDO and instructor. Thank you.
very informative! keep up the great work!
Great work,thanks for sharing.
Muchas gracias y felicitaciones al Sr. Ramirez por su exposition Clara, precisa y profesional😀👍
I already come back to your channel for refreshment, and I still learn something I missed before. Thank you so much!
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thanks for the information. I would like to stablish a business but choose corporation.but I will only be the only owner share holder?how to I file this one I'm in Illinois and since I'm doing corporation should I submit all ss4-form to irs to elect?whats the benefits?
I am practicing Form 1120s as part of my MBA courses. I noticed that it shows that the corporation owes some taxes to the state and some to the IRS. What do they mean? Will this corp pass through to its shareholders on Sch K-1 after it's been accepted? Also, how do I report that one shareholder has more deductions than others on Sch K-1? This corp will dissolve and how do I report when returning their capital money?
We hope you enjoy this lecture video and find the information it contains helpful. We appreciate your feedback, but do not respond to tax questions posted by viewers.
Enrolled students have access to our Q & A forum where they can post questions and receive answers about subjects covered in this course. Enrolled students also receive a copy of the student manual, can complete course assignments and receive course answer keys, and receive CE credit.
Pacific Northwest Tax School
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Hi, is this lecture for enrolled agent exam? can I see full lectures and how can I get the materials? Thanks
Thank you April!
Thanks for this. Studying for the EA exam and your vids are quite helpful. One thing I didn't understand was one of the disadvantages of an LLC. It was said that you pay tax on LLC earnings as distributions even if they weren't distributed and an advantage of a c-corp is that there's no tax if there is no distribution. Why are these advantages/disadvantages? If you elect to incorporate as a c-corp, and you have net earnings, you're still going to pay taxes on those at the corporate level. So, you're going to pay taxes on the income whether it's distributed or not with either entity. In one case, you pay taxes on all income whether it's distributed or not, on the "individual" level, and in the other case, you're paying taxes on income at the "corporate" level whether it's distributed or not. Either way you're paying taxes on the business income.
Okay I thank
Where can I get a copy of this book that you are talking about. Thanks you Margaret Snyder in Texas
Dax LLC.... Owned by Kira and Jadzia? These names seem familiar for some reason. Is there a video about when a partner dies and a new partner is brought in? The new partner’s name could be Ezri maybe.
Lol, all joking aside, great video!
How do I get a copy of the document that is being read? Is there a pdf that can be sent via email?
Be nice if we could hear
Hola saludos televidentes ysusbelores maravillosos adicionales que representan alas comunidades estatales posusecesis que representan E
This may have great information but I can't get past the buzzing
I STILL HAVE NOT SEEN 1 INDIVIDUAL WHO HAD CASHED IN ON 1099A OR ANY ONE OF THE FORMS THEY TALKING BOUT! I PERSONALLY NEED A TRUSTEE OR SOMEONE WHO WANTS TO ACTUALLY LOOK OUT FOR THEIR FELLOW HUMAN AND HELP TO GET THIS PROCESS COMPLETED OR ANY PROCESS DONE. THEY WOULD RECIEVE AT LEAST 1/2 OF WHAT THEY ASSIST ME IN GETTING! THEN I TOO WILL RETURN THE FAVOR TO MORE HUMANS WHO DESPERATLY NEED IT. Y'KNOW THOSE WHO ALSO ARE ON THE LIFE OR DEATH EDGE LIKE I AM ON. SMH! ILL BE EXPECTING ALL U SCAMMERS TO HIT ME UP NOW THAT I LEFT THIS COMMENT!!!
Real talk, your videos are solid but your logo makes you come off as sketchy and cheap. Consider rebranding
I think they are fine personally. Go look at Berkshire Hathaway's website and tell Warren Buffett about that
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Charles Forsyth, Lol
Good job but you are just reading!!
Well she could dance you.. Lol