Enrolled Agent ExamPrep: Business Taxation Business Entities
U.S. Business Taxation: Understanding Business Entities
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310
students
1.5 hours
content
Apr 2025
last update
FREE
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What you will learn
Overview of Business Entities – Understanding different types of business structures.
Sole Proprietorship – Features, taxation, and advantages of a single-owner business.
Partnerships – General and limited partnerships, tax implications, and responsibilities.
Corporations – Legal structure, taxation, and operational considerations.
S Corporations (S Corps) – Tax benefits, eligibility requirements, and limitations.
C Corporations (C Corps) – Double taxation, shareholder structure, and advantages.
Limited Liability Companies (LLCs) – Flexibility in taxation, legal protection, andclassifications.
Tax-Exempt Entities – Nonprofits, 501(c)(3) status, and compliance requirements.
Default Classification of Entity Types – How the IRS classifies businesses by default
Employer Identification Number (EIN) – Purpose, application process, andrequirements.
Accounting Periods and Methods – Fiscal vs. calendar year, accrual vs. cash accounting.
Reporting and Compliance Requirements – Tax filing obligations and regulatorycompliance.
Hobby vs. Business Classification – IRS guidelines for distinguishing between the two.
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6577869
udemy ID
19/04/2025
course created date
24/04/2025
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