Understanding LLCs and Entity Classifications On-Demand Webinar

Summary

Taxpayers love forming limited liability companies (LLCs), but rarely do they understand the tax impact. The IRS does not recognize LLCs as a tax filing entity, consequently, taxpayers forming LLCs will need to select the entity classification they want to use for tax reporting. This webinar reviews the default entity classifications for single-member LLCs (SMLLC) and multimember LLCs (MMLLCs). Additionally, it will review the advantages and disadvantages of selecting sole proprietorships, partnerships, S corporations and C corporations.

Objectives

Upon completion of this course, you will be able to:

• List the different types of entity classification options
• Identify differences between entity types
• Summarize the tax advantages and disadvantages of the entity types
• Identify the default entity classification for SMLLCs and MMLLCs

Course Details

This on-demand webinar includes the presentation slides, exam questions, recording of the webinar broadcast with review questions, and attendee top questions. CPE is issued after exam is successfully completed.