IRS Approved CPE Courses
3 hours
Certificate CTEC IRS NASBA

Fundamentals of Entity Selection

Course Description
Assisting a client in choosing the best business structure is a challenging task that requires a combination of skills and knowledge.  There is much riding on your ability as a tax professional to help entrepreneurs or existing business select the “perfect form.” Not only will this decision affect their ability to achieve their specific business objectives, it will also determine how well their assets are protected. 

Later, you will read about a small business owner, Deborah Williams, who receives insufficient help from her first accountant when incorporating her small computer business.  It cost her dearly before she finally consulted a different tax professional, someone more knowledgeable in this arena.

This course is designed to provide you with the information you need to be of similar value to your clients.  In particular, it focuses on the tax advantages and disadvantages of S & C Corporations, LLCs, LLPs and Sole Proprietorships.  It will target and explore many of the major factors that drive the initial decision of entity selection, as well as special circumstances that arise during the course of doing business.  

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

  • Recognize how to make an informed decision when recommending and setting up a tax entity
  • Determine when an entity change is warranted for specific tax advantages
  • Determine the most appropriate business and tax strategies for a particular entity
  • Identify methods for advising clients on estate planning concerns

Duration: 150 minutes
Who Should Attend: All tax practitioners advising individual and business clients
Course Level: Basic
Prerequisite: None
Advance Preparation: None
Delivery Method: Self Study - Internet Based
NASBA: 116347
IRS CE: UBWMF-T-00232-21-S
CTEC: 6209-CE-0017
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Last Modified: 04/27/2021