Basics of Business Entity Taxation Self-Study

Summary

In this course, you will learn the basics of business entity taxation. We cover a variety of topics such as which entity structures are available, how to properly record and report the business activity in the books and records and on the tax return, differentiate between assets that can be expensed and those that need to be capitalized and depreciated, and determine what is included in income and which expenses are deductible. Finally, the text will walk you through line-by-line procedures for completing a basic tax return for partnerships, S corporations and C corporations.

Objectives

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

• Compare and contrast the various entity structures
• Summarize basic bookkeeping procedures
• Differentiate between capital assets and expendable repairs
• Summarize the difference between MACRS, §179 and bonus depreciation
• Distinguish between taxable and nontaxable income and deductible and nondeductible expenses
• Summarize the tax effects of forming a partnership, S corporation and C corporation
• Prepare a basic partnership, S corporation and C corporation tax return

Course Details

This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.