Basics of Business Entity Taxation Self-Study
In this course, you will learn the basics of business entity taxation. We cover a variety of topics such as entity structure; how to properly record and report the business activity in the books and records and on the tax return; differentiate between assets that are 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 a basic tax return for partnerships, S corporations and C corporations.
Upon completion of this course, you will be able to:
- Summarize basic bookkeeping procedures
- Distinguish between taxable and nontaxable income and deductible and nondeductible expenses
- Differentiate between capital assets and expendable repairs
- Summarize the differences between MACRS, §179 and bonus depreciation
- Compare and contrast the various entity structures
- Summarize the tax effects of forming a partnership, S corporation and C corporation
- Prepare a basic partnership, S corporation and C corporation tax return
This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.