Surgent's Going Out on Your Own: Entity Types and Accounting MethodsSU0440 24

 

Surgent's Going Out on Your Own: Entity Types and Accounting Methods

February 10th, 2025 - February 10th, 2025 @ 10:00AM-12:00PM

Member Price $99
Non-Member Price $129
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Credits

2

Description

Starting a business is tough! There are lots of decisions to be made and things to think about. You may feel like you have a great idea. You have done your marketing research, developed a prototype, and even looked at locations for your new office. Then it dawns on you.. What type of entity do I need to be? Is there really an advantage to choosing one entity type over the other? In this class, we will dig into the differences between entity types - from taxes to liability. We will also look at the advantages and disadvantages of different methods of accounting. Whether you are a small business owner looking to start something new or a practitioner looking to expand your client advisory services, this course is the one for you!

Objectives

  • Identify differences in how business entity types are taxed for income tax purposes
  • Recognize how personal financial planning for a business owner is related to financial planning for a flow-through entity business
  • Identify how S-Corporations are taxed for self-employment tax purposes
  • Recognize double-taxation and when it applies
  • Identify when a transaction should be recorded on the accounting records under the cash method
  • Recognize when income is recognized and an expense must be accrued on the accounting records under the accrual method
  • Identify what account should not appear on the financial records if the accrual method is being used

Major Subjects

  • Financial planning pyramid
  • What to consider when picking an entity
  • Single member LLC vs. sole proprietorship
  • Corporations – S vs. C
  • Double taxation

Prerequisites

None