This virtual 4-day course will cover the following topics.
Day 1. Bookkeeping for Tax Preparers, Payroll, Sales Tax, and Depreciation and Amortization.
Day 2. LLC's, Sole Proprietorships, Partnerships, and Qualified Joint Ventures.
Day 3. C-Corporations.
Day 4. S-Corporations.
Class: 9 AM - 12 PM
Break: 12 PM - 12:30 PM
Class: 1 PM - 4 PM
This course is best viewed on a desktop or laptop computer, with a strong internet connection, and by using Google Chrome or Mozilla Firefox browsers.
Day 1: Bookkeeping for Tax Preparers
Learn the framework of Accounting Concepts used for bookkeeping & tax preparation. Topics covered will be Depreciation and Amortization, Payroll, and Sales Tax. You will learn what depreciation and amortization is and the process of allocating the cost of fixed assets over their estimated useful lives. Day 1 will cover the terminology of Sales Tax such as Nexus and Tangible Personal Property. We will also cover the roadmap of the payroll process that you can offer to your clients.
Day 2: LLC, Sole Proprietorship, Partnerships, Qualified Joint Ventures
What is in a partnership and how it is started? Day 2 will cover the capital account, why a General Partnership agreement is important, UPE and Section 199A. There will also be a line by line review with real examples of Form 1065, Form K-1, and the General Partnership Agreement. This day will also cover the advantages, disadvantages, and which clients will benefit in becoming an LLC.
Day 3: C-Corporations
How do you form a corporation? This day will cover forming a corporation, business entities, advantages, disadvantages, ownership, structure and taxation. There will be a line by line review of Form 1120 with an example of filling it out directly on tax software. An explanation of dissolving or canceling a corporation, and fees or penalites will be covered during day 3.
Day 4: S-Corporations
What's the difference between Schedule C and S-Corporation? On this day you will learn advantages and disadvantages of becoming an S-Corporation, corporate structure, need for reasonable compensation, allocation of income, and tax savings. There will be examples of converting clients and a line by line review Form 1120S and Form K-1. You will have a class exercise on Shareholder basis and filling out form 2553. This will help you understand Shareholder’s stock basis and what causes it to adjust. We will cover an overview of form 2553, how too correctly filling out the S-Election form, and file late S-election.