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Tax Strategy for the Small Business Owner: S Corporation Setups

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • MRTP
  • CFIRS
  • CWS

Published: November, 2021

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Should your clients incorporate? Limitations
    9 mins
  • Should your clients incorporate? Advantages
    12 mins
  • Setting up LLC/S corp
    23 mins
  • Guidelines for S corporations
    34 mins
  • Streamline your coaching
    46 mins

Course Description

An S corporation refers to a type of corporation that meets specific Internal Revenue Code requirements. If it does, it may pass directly to shareholders, without having to pay federal corporate taxes. Usually associated with small businesses, S Corp status effectively gives a business the regular benefits of incorporation while enjoying the tax-exempt privileges of a partnership.

This CE/CPE webinar is designed to raise tax professionals' awareness of all of the concepts and requirements needed to successfully operate an S Corporation.

The primary benefit of filing as an S corporation with the IRS is that you avoid double taxation, as this is considered a pass-through entity. A business that files as an S-Corp isn't taxed by the federal government.

Attendees of this CE/CPE course will better understand the benefits and downfalls of S Corps to help clients make better decisions, legally pay less in taxes, and keep more money in their business. 

Choosing the right business structure is crucial to the success of your business.

An LLC is a limited liability company, which is a type of legal entity that can be used when forming a business. An LLC offers a more formal business structure than a sole proprietorship or partnership. It also offers protection to the owner from personal liability for any of the debts that a business incurs. 

While LLCs and S corporations two terms are often discussed side-by-side, they refer to different aspects of a business. An LLC is a type of business entity, while an S corporation is a tax classification. It lets the Internal Revenue Service (IRS) know that your business should be taxed as a partnership

This unique value CE/CPE webinar provides you with an opportunity to benefit your clients by setting up an entity without any hassles and generating new income streams.

Learning Objectives

  • To identify the benefits and tax savings of an S Corporation.
  • To define the break-even point calculation to determine when an S Corporation makes sense.
  • To recognize how to follow the tax law requirements of running an S corporation and best practices.
  • To list more tax savings strategies for an S Corporation.
  • To identify how to set up LLC.
  • To analyze differences between LLC and S Corporation.
  • To discuss guidelines for S Corporation.

Recommended For

  • This IRS-Approved CE/CPE course is recommended for CPA, EA, AFSPs, Tax Professionals, Tax Directors, Tax Practitioners, and Tax Attorneys interested in learning everything about S-Corporation and LLCs.

Who Should Attend?

  • California Registered Tax Professional
  • Certified Public Accountant (CPA)
  • Chief Accounting Officer
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00849-21-S)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0791)
  • 1 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00849-21-S)
  • 1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00849-21-S)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Jake Hanes

Certified Public Accountant (CPA), Action tax Services, LLC

As a public speaker, author, and a successful entrepreneur, Jake Hanes delivers high energy messages that motivate people to take action in life and build highly successful businesses.  As an entrepreneur, Jake has been coaching business owners for more than 20 years in every facet of growing their business.  He has succeeded, as well as failed, in business, and shares the experiences, concepts and tools audiences can use to take a five year leap in business success.  In his Amazon #1 Bestseller book, “The Seven Strategies of Highly Successful Business Owners,” he shares these concepts and many more.

Jake lived the first 40 years of life with epilepsy, having many thousands of seizures, and amid all the inherent challenges, he reached great heights, including summiting the five highest peaks in Washington and building several successful businesses.  Now cured of epilepsy, he continues to succeed by goal setting and achieving every day, and he brings his challenging experiences to life in educating and entertaining audiences of all sizes. 

About Company

Action tax Services, LLC

www.actiontaxteam.com

Action Tax Service, LLC began providing services to local businesses and individuals in the northwest region. With a special interest in the growth and success of small businesses and startup companies, Action Tax have been growing enthusiastically each year, in both income tax preparations, bookkeeping and payroll services, with a special niche in providing businesses with specialized training and support of QuickBooks accounting software.

The owners, Jake Hanes, are long time residents of Washington, with many years working in both public and private accounting. With a Bachelors degree in Accounting from Central Washington University, Jake worked 10 years in private accounting for a couple larger companies, then opened his first accounting and tax practice with his wife in 1999. As a Certified Public Accountant, and a Certified QuickBooks ProAdvisor, Mr. Hanes has helped many hundreds of small business owners succeed in starting and growing their own businesses by providing affordable and timely services. Jake are active in the community, supporting many worthy causes that help the youth and elderly. Following tax season of course, they enjoy spending family time in the outdoors with their family of five children.

Action Tax Service, LLC provides five primary services to individuals and businesses, including income tax preparations, bookkeeping, payroll, LLC and corporation organizations, and specialized QuickBooks. The team of professionals includes seasoned tax preparers, professional bookkeepers, payroll specialists, certified notary publics, certified QuickBooks ProAdvisors and Certified Public Accountants. Our goal is to provide a one-of-a-kind top quality experience for each individual who comes into contact with us. Let us know how we can meet your unique needs.

Action Tax Services LLC is located at 1833 Auburn Way Ste T, Auburn WA We are directly across from the Auburn Top Foods.

Faq

FAQs content

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Ratings and Review

4.3

24 Ratings

Excellent

13

Very Good

7

Average

3

Poor

1

Terrible

0

ED

Erik Domino, EA

Dec 26th, 2021

This webinar was great. It provided the process for setting up an S-Corp, explained the benefits of setting up an S-Corp, and how to deal with problems that may arise. It was easy to understand and filled with useful information.

RH

Richard Herman, EA

Aug 25th, 2022

I really liked the instructors presentation really outstanding. I watched the video twice. Very informative

HH

Hector Hernandez

Dec 8th, 2021

Instructor very well prepared with a strong knowledge in the S Corporation structure which made me confident on the topics discussed.

JB

Jacquelyn Brennan, EA

Dec 13th, 2021

The webinar was not what I was expecting. I anticipated learning the step-by-step process of setting up a S-Corp. There was a process, however, it wasn't presented in general terms it was one company's specific strategy on filing S-corps and LLC's. I felt like I was being sold a product as opposed to receiving information regarding the specifics of S-Corps.

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