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RESOURCES
TAX IMPLICATIONS OF BUSINESS STRUCTURE
Taught By: Glenn Gregory, Obsidian Investment Advisers, LLC.
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WHAT IS IT ABOUT?
Course Description
Who'S IS THIS COURSE FOR?

This course examines how business type and structure impacts the annual IRS income tax filing process. It is intended for business owners, entrepreneurs, or employees who do not have an extensive background in accounting or finance. Participants will leave the session with an awareness of the differences between personal and business IRS filings. 

BENEFITS
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how we can help!

This course will help you with the following:

  • High-level review of IRS forms used by various business entities.

  •  Useful tips on how to seamlessly integrate financial reporting information into tax filings.

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WHAT WILL YOU LEARN?
Course CURRICULUM

  1. Personal vs. Business Income

    1. Definition of Personal Income

    2. Definition of Business Income

    3. Tax Avoidance vs. Tax Evasion

  2. How Business Type Effects Income Tax (Typical business types; excludes exotic entities)

    1. Pass-through Income entities (Sole Proprietorships, S-Corps, Limited Partnerships (LPs), Limited Liability Companies (LLCs))

    2. Double-taxation entity (C-Corps)

    3. Non-profit entity (501c organizations)

  3. How Business Type Impacts Capital Raising Strategy (Typical business types; excludes exotic entities)

    1. Pass-through Income entities (Sole Proprietorships, S-Corps, Limited Partnerships (LPs), Limited Liability Companies (LLCs))

    2. Double-taxation entity (C-Corps)

    3. Non-profit entity (501c organizations)

  4. Comparison & Contrast of Business Income-Related IRS Tax Forms 

    1. Personal Income Tax (IRS Form 1040)

    2. Business Income Tax (IRS Form 1120 [C-Corps], Form 1120-S [S-Corps], Form 1065 [LP; LLC], Schedule C [Sole Proprietorships], Form 990 [Non-profit])

  5. Financial Report Compilation Strategies

    1. Self-prepared

    2. Bookkeeper

    3. CPA

  6. Tax Preparation

    1. Self-prepared

    2. Bookkeeper

    3. CPA

Note: This course does not cover tax preparation.
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