In Module 3 of the Professional Tax Preparer program, we introduce you to the world of business organizations and their tax concerns. This module is a practical companion to Module 2, as it gives you experience in completing each of the schedules and forms common to business organizations. (Profitable Business Returns – Table of Content)
In Session One, “Business Entities,” we will introduce you to the various business types and why one may be chosen over another.
In Sessions Two through Four you will learn tax concepts in accounting, “Elements of Business Financial Statements,” and how to report gain and loss on dispositions of business property.
With the fundamentals under your belt, you will be ready to learn how to apply them to the tax forms. Sessions Five through Eight will train you in Schedule C for sole proprietorship, Form 1065 for partnerships, Form 1120 for C-corporations, and finally, Form 1120S for S-corporations.
Lesson Outline:
- Business Entities
- Tax Elements in Accounting
- Financial Components
- Dispositions of Business Property
- Schedule C
- Form 1065
- Form 1120
- Form 1120-S
At the conclusion of Module 3, you will be able to address the majority of small business concerns and successfully complete their tax returns.
You will have learned a great deal about different types of business entities. That information will assist you in helping entrepreneurs make the right choice in their business type while providing them with competent business tax preparation services.