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Advising the business taxpayer

SEE 2 Chapter 20 · IRS outline 2E1, 2E4, 2E5, 2E6, 2E7, 2E8, 2E11

By fall, Theo's clients stop asking 'What do I owe?', and start asking 'What should I do?'. Daniel wants to know if he should stay an S corporation. Walt's overseas supplier wants to set up a joint company. A customer paid Copperline $14,000 in cash. Mira's personal card is mixed in with the bakery's. Nadia tells Theo the best enrolled agents don't just report the year. They help shape the next one.

In this chapter

1. Reporting and filing obligations
2. International information returns and Form 8300
3. Choosing a business entity
4. Commingling and moving property in and out
5. Life cycle of a business
6. Advice on accounting methods and procedures
7. Deductions and credits for tax planning

This chapter has 7 lessons and 57 practice MCQs with explanations, plus flashcards and a recall sheet.

What this chapter covers

• Extended returns and penalties
• international returns and Form 8300
• choosing an entity
• commingling
• moving property in and out
• the business life cycle
• timing and depreciation planning

Chapter 19: Reading the books: statements, methods and reconciliations · Chapter 21: Trusts and estates: Form 1041